Savings Account For Goddaughter

C

colmt

Guest
Hi folks,

I have recently become an uncle and godfather and I would like to set up a savings account for her which I can add to little by little as she grows up. Doea anybody have any recommendations on this? Or perhaps there are products which would provide a better return than a simple savings account?

Thanks,

Colm
 
Many institutions have accounts for children nowadays e.g. AIB, EBS etc. Initially interest is good but are usually riddled with terms and conditions. Most people nowadays open an account in their local credit union for the child. Credit unions are very convenient for saving little by little - the downside is interest rates are very poor. The best long term account at the moment is post-office saving certificates. Their term is 5.5 years, they are safe and the interest, which is DIRT free, is good by to-days standards. With most child accounts a birth certificate is required plus a letter of consent from a parent may be necessary. Recently I became a grandfather (again). As with all my grandchildren, I open a credit union account and when it reaches €100 I take it out and buy a saving certificate.
 
colmt said:
I have recently become an uncle and godfather and I would like to set up a savings account for her which I can add to little by little as she grows up. Doea anybody have any recommendations on this? Or perhaps there are products which would provide a better return than a simple savings account?
Click to expand...

Do you want to
1) Maximize your return? or
2) Do you want a product that is suitable for children that would help get them involved in saving?
 
Well I guess I'd like to maximise the return really, as she lives in the UK and it will be a long time before she is old enough to use it (she's only a month old!)

Colm
 
is this not the parents job i.e. to save etc and provide for their kids
 
I set up a regular saver with Anglo for my god daughter the account is in joint names hers and mine. I can lodge any amount up to €1,000 p.m. to it and the current return is 7.3%. I have a post office account for my god son which I opened about 8 years ago it doesn't have nearly as good a rate.
 
Hi
I have credit union accounts for our god children. We used to lodge £10 per month to it - now up to €12.50 in new money. The Credit Union send out a statement of account every December and we include that in their christmas cards.
The Credit Union have told us that we cannot withdraw the money unless it is for the benefit of the child. As they are getting older, they get such a kick to see the four figures that it is now and to think it is theirs.
Only problem is ..... knowing when to stop!
It comes out of our account monthly to the Credit Union.
HTH
 
I have an Ulster Bank account opened for my niece and nephew, with the new and improved Henri Hippo - I used to have one when I was little.
You can lodge any amount, you just need proof of address and their birth certs to start it up, and you get a nifty Hippo saving bank too!
 
Prize bonds do not require any proof of address/birth certs or anything and the advantage is that you can pay over the phone by laser or VISA. The proceeds of a win can automatically be reinvested in further prize bonds without any action on the child's part or be sent out by cheque.
The return obviously varies but it must be very sweet to have a win or two along the way. Minimum investment is Euro 25. We use them regularly for nieces' and nephew's birthdays on other side of city/country. Can be purchased for people living outside of country too. As children we had the savings certs and it was great to see the compounding happen over the years.
 
The OP said he wishes to maximise his return.

With Anglo regular saver you get a guaranteed return which is currently at a rate of 7.30%

With An Posts Prize Bond gambling product 3% is paid back in prizes with a smaller percent of people who gamble their return with them getting a prize.

Based on the criteria that the OP wishes the OP is better off with Anglo.
 
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