Hi there,
I was wondering the same. When no 1 was born in August 2005 I opened a young savers account in BoI so Children's Allowance, Early Childcare Supplement and cash gifts could go straight in. There are no charges on the account, interest very low and my name is on the account with the children. When no 2 arrived in July 2007 the welfare people asked did I want this child's benefits to go into the same account. This was fine until I tried to lodge a cheque made payable to child 2. Well, the trouble it caused! They said that there was a legal problem with having the 2 different children's benefits going into the one account even though I am the holder of the account on behalf of the children. I explained that while my offspring are quite clever, they cant do their own banking yet and there wont be any fighting over who owns what amount when they turn 18 as it is for their education fund! Anyway, BoI wanted me to open another account for child 2.
There's about 10k in the account now but I should really move it to a high interest account and every year perhaps withdraw the year's lodgements and move to the high interest account. Any thoughts? What's the best option for this kind of savings? I'm not very savvy on banking but feel I need to be more responsible regarding the future of the darlings.