Hi All,
Have a 6 week old baby boy and we were thinking of setting up a bank account for him. Ideally something that has no charges ( we won't need atm cards), allow us to check balance etc online and allow us his parents to make transactions even though it is his account. So say he wants a bike in four years time and we can't afford it but we could use money from his account.
Bear in mind that most ATMs are at least three feet off the ground, so using them may pose a problem for the young man initially.
Have a look at the various savings options in the Best Buys. You should earn a bit of interest on the money rather than have it just sitting in a 'child' account earning very little. He won't really grasp the difference.
I went into my local halifax yesterday and they do not open accounts in your childs name, they only do a regular saving account in your name. I am looking for an account that my child can go in and lodge his birthday monies etc as i want to teach him the value of money ( he is eight )
She said EBS have a good account for children, so im off to investigate on monday ! Perm have a childrens account but it is paying a variable rate,which i feel they will soon reduce !!
PTSB offer the best rate for children's accounts ...
[broken link removed] 3.00% from €1 to €20,000 1.50% on €20,000+
Note 1: Instant access
Note 2: Account aimed at children.
Note 3: Interest paid annually on the first working day after 20th November.
Deposit Protection: Irish Government Bank Guarantee Scheme until September 30th 2010, Irish Deposit Protection Scheme only from October 1st 2010.
Also have a look at what An Post have to offer especially if thinking of saving children's allowance. No tax, keen rate of interest and as safe as the state(however safe that is)