children's savings accounts

[janners]

I'd like to open a couple of regular savings accounts for my kids but I'm a bit sceptical whether some of the marketed children's accounts are actually best when it comes to interest earned or even access. Are there are accounts with special tax features or other aspects that might appeal for children?

 

[ClubMan]

I'd like to open a couple of regular savings accounts for my kids but I'm a bit sceptical whether some of the marketed children's accounts are actually best when it comes to interest earned or even access.

What accounts are your talking about? This issue is discussed many times in the past. If you are investing for the long term then it's quite likely that a low charges regular contribution unit linked fund of some description might be one suitable option.

Are there are accounts with special tax features or other aspects that might appeal for children?

Not that I'm aware of.

 

[janners]

I'm talking about An Post - not a favourite financial institution on this forum, I know - they market accounts for children's savings and children's allowances. They do talk about tax benefits for such accounts but the interest earned appears well off the pace of other financial institutions.

 

[ClubMan]

What specific product? I think they offer equity investments with no special tax advantages through OneDirect but the fund selection may be limited and the charges higher than available elsewhere. I think they also offer some form of tax free installment savings aimed at the sort of market you're talking about but these are basically deposit style products and even allowing for the tax free nature of returns don't tend to be competitive if I recall correctly. Shop around. There are lots of existing threads here about options for children's savings (for education etc.).