Perhaps you might like to give a little detail, to help readers make suggestions, things such as:
- your view towards risk with the funds you save
- the amount you want to save
- how regularly you want to save and if you need to take breaks along the way
Hello,
I was thinking about the childrens allowence which at the moment is approx 150 euro a month. I do not anticipate having to take a break. I was hoping for a fund that I would be in control of maybe starting in a medium risk fund and transfering to something more secure towards the end of the term or when the time is right.
Eagle Star do a child saver thingy which allows you to buy units in any of their funds on a monthly basis. I think it is quite popular. The policy is in your name but with your child's interest noted so that you can pay in up to your annual gift tax exemption limit and then gift the policy to your child without any CAT liability. Quinn Life also do a 'Pride and Joy' which works along the same lines.
Does the child have to be your own child in order to avail of these policies? I would like to put some money aside for a nephew, but not on a monthly basis, rather on an annual or 6 monthly basis (birthday and christmas). CAn I use these accounts?
Since I posted fiirst I have looked in more detail at the options and as far as I am aware the child just has to be named in the policy regardless of the relationship. However from reading all the info you do have to make a regular monthly contribution with 50 euro being the minimun. They have a very good web site with all the info. Quinn life also do a policy which has less charges but no direct fund manager. A more hands on approach . I yet have to decide which one to go for although I have to say that eagle Star have proven thewmselves in the past with me so they are looking good.