Can children's allowance be paid directly into any account (i.e. bank, building society) or are there only particular types of accounts this can be done with.
You get Child Benefit on the first Tuesday of every month, either by:
direct payment into an account in a financial institution or An Post Childcare Savings Account in:
1. your own name or
2. the name of:
- you and your spouse or partner, or
- you and your child(ren), or
- your spouse or partner and your child(ren), or
- an account for your child(ren) only, or
- your spouse or partner only or
paid by a book of payable orders that you can cash at a Post Office chosen by you, within 6 months of the date shown on each order (you may lose payment if you do not cash them within this time).
Thanks for that. Where would the best place be to have my childrens allowances lodged directly to in order to save to have a little "pot of gold" for my children in the in about 10-15yrs.
There are lots of threads on this savings issue already. If you are saving for the long term (e.g. c. 10 years or more) then it would be worth considering a low charges unit linked fund rather than deposits as the returns over the long term should be significantly higher.