Bank account for newborn

B

breaks

Registered User
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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.

Any advice or tips greatly appreciated.

thanks
 
Re: Bank account for new born

I know Halifax offer a childrens account as I am sure all the banks do. Think this might covered elsewhere if you do a search.
 
Re: Bank account for new born

Hi breaks, congratulations on your new arrival.

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.

Best deposit rates (lump sum savings)
Best deposit rates (regular savings)
Best deposit rates (fixed term lump sum savings)
 
Re: Bank account for new born

HI

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 !!
 
Re: Bank account for new born

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.
Click to expand...
 
Re: Bank account for new born

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)
 
Re: Bank account for new born

Sunny said:
I know Halifax offer a childrens account as I am sure all the banks do. Think this might covered elsewhere if you do a search.
Click to expand...

Halifax will not open accounts for children.
 
Don't touch the AIB Parent Saver account.

Read the AIB T&C's very carefully,
  • There is a max contribution of 200 EUR per month
  • The rate expires on May 20th 2010
  • You will get AIB's standard variable rate, 0.01%, after that date.

Hence, you will earn 200.00 EUR * 0.05 * (5/12) * 0.75 = 3.12 EUR !!! (per first January contribution and less for the rest).

Don't waste your time & money with this AIB, T&C heavyweight account, there are far better options.
 
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