My young teenager is in the very fortunate position of having €10k in the credit union, accumulated over the years thanks to birthday gifts, communion, confirmation, gifts from us parents etc. It seems a shame to just leave it sitting there gaining next to nothing. He’s willing to put it elsewhere, but what options are open to him as a minor? I’ve signed him up to be able to purchase prize bonds. He doesn’t have a bank account yet. I look on this money as eventually being his house deposit, and we would intend to add to it over the years, but of course it is ultimately his money. Any ideas?
Options for teenager with €10k in credit union
- Thread starter Andarma
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BlackandBlue
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Once they reach the age of majority it will be theirs
.Some mechanism where its locked away for 5/10 years until they finish college (if applicable)
Interested in this too as my teen is in a similar position
Can they for e.g. lock it in to a high interest savings account for a few years?
They are open to the options of investing/saving and are working and saving money separately so have access to other funds for day to day spending.
Can they for e.g. lock it in to a high interest savings account for a few years?
They are open to the options of investing/saving and are working and saving money separately so have access to other funds for day to day spending.