Club Childrens allowance+€300 a month what options available?

[foxylady5160]

Hi,

Just finished with the AIB regular Saver and want to add this to my children's allowance so I would be saving in around €500 p/m any ideas who had the best options for this and get good return? Perhaps topping up with the early child allowance as well. I'm open to all options. I see the regulare saver with the Anglo Irish at 8% still quite good. All suggestions welcomed.

 

[ClubMan]

Club Childrens allowance

What does "Club Childrens allowance" mean?

Just finished with the AIB regular Saver and want to add this to my children's allowance

You mean the 10% reglar saver account? Can you not open another one?

so I would be saving in around €500 p/m any ideas who had the best options for this and get good return? Perhaps topping up with the early child allowance as well. I'm open to all options. I see the regulare saver with the Anglo Irish at 8% still quite good. All suggestions welcomed.

There are innumerable threads already on general and children specific savings that outline the sorts of options to consider for the best deposit and investment returns.

 

[foxylady5160]

I had the normal regulare saver with AIB and found out they changed the rates and I'm pulling that of €300 a month. As I just had baby and getting the monthly childrens allowance I thought it would be good idea to club this together at around €500 a month in total. We get a a lump sum every quarter on top of that of €265 so any ideas what to do.

 

[ClubMan]

I had the normal regulare saver with AIB and found out they changed the rates and I'm pulling that of €300 a month

AIB have a 10% [broken link removed] for amounts up to €200 p.m. The Financial Best Buys and www.itsyourmoney.ie lists summarise other regular saver and lump sum deposit accounts on offer. The many existing threads on such savings (general or for kids) also go thorough some of the options. If you are saving for the long term - e.g. c. 10+ years - then you should at least consider a low charges unit linked fund for some of the money. In the long term the returns should far outpace deposit returns.

 

[foxylady5160]

I checked this out and althought its good after 1year its goes into a separate account only offering 3% on lump sums. I'm kinda looking for something with good return and keep adding to without having to withdraw after a year like in the AIB case. I don't want the fact of locking it away either in case I would need the lumps sums for baby's future requirements.

 

[ClubMan]

So just avail of the 10% on ongoing contributions and then move the money elsewhere at the end of each 12 month period? You really have to be prepared to open multiple accounts and move money around chasing the best rates to get the best deposit returns. I'm not sure what you are referring to in terms of locking money away. None of my suggestions involved that.