I did pretty much what @Gordon Gekko suggests, just with New Ireland. Most of the products have a reduced fee if you've a small lump sum at the start.
Just note, with a bare trust the money is theirs from the day it goes in. It can't be reversed at a later stage if you need it.
Also, think about whether you want the child to automatically get access to this kind of sum at 18, and check what the firm's allow for in that regard.
Yes- is it possible to combine upfront sum plus monthly contributions in these funds?
41% as it's an investment fund. Applied every 8 years.is this CGT or the 41% rate?
This is something you have to decide upfront. For example with New Ireland:- is there any way to access funds before the beneficiary turns 18?
Bank of Ireland to a "Bare trust target saver"
I have the brochure emaiked to me from the BOI "Wealth Manager" but no doubt he is acting on behalf of one of the external companies.
Do any of them let you pick the specific investment type e.g. Vanguard ETFs only , as opposed to you must pick one of their funds and have no say in what they invest in?
Btw, Standard Life is actually the only one who has Vanguard funds for child's Bare Trust.Hi all, been looking into the Child Savings options and considering a Standard Life, Irish Life, New Ireland, etc investment option.
Do any of them let you pick the specific investment type e.g. Vanguard ETFs only , as opposed to you must pick one of their funds and have no say in what they invest in?
Is that a new thing? I've taken out a product with Standard Life directly in the past with no broker involved. I'm not saying it is the best thing to do, but I was sure of the product I wanted and dealt with one of their direct sales force. It was on an execution only basis.Another btw, Standard Life does not allow you to work with them directly and they require you to have a financial advisor (and do everything through them).
Not sure if that applies to all of their products but for Child bare trust they require financial advisor.Is that a new thing? I've taken out a product with Standard Life directly in the past with no broker involved. I'm not saying it is the best thing to do, but I was sure of the product I wanted and dealt with one of their direct sales force. It was on an execution only basis.
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