Teen saving account for lump sum


Registered User

My father left some money to my children in his will. Both already have an account, one is a special needs account with AIB and I'll lodge his share on it.
The other, however, needs 2 new accounts. She currently has a Safari account with PTSB but since they changed the interest rate, it's no longer worth keeping. I had planned to open an EBS account for her, which she will have access to next year when she reaches 14.
The problem is that the sum she is about to receive, coupled with the savings we built up monthly, will exceed the limit of the EBS account. I need another one for that lump sum which we won't give her access to until she is 18.
I heard that Ulster Bank is the best, but are they not leaving the Irish market? Any alternative? Credit union, maybe?


Registered User
I have the max in the EBS accounts. Ulster bank had a good savings rate for Children/teens but no point going for that now. State savings the best after that I think. Mine don’t need access yet so saving certs worked out the best option.


Registered User
Jumping on here as I have a similar query - I have a BOI Young Savers Account for my godchild since his birth and save monthly into it until his 18th Birthday. I have received a letter saying that as he is now over 13 (he's almost 16!), this account is no longer suitable and needs to close. The options provided really don't provide what I intended to happen. They are to 1) Transfer to an account in the child's name (he does not know about this account we have for him so that is not an option or 2) Transfer to an account in my name (this then looks like it is 'my money' if it came to means tests etc.

Is anyone aware of a bank account that will allow me to have his name on it, contunue to save monthly to it and without him knowing about it!? We had a similar account with Ulster Bank for another godchild but he has turned 18 so no issues there.


Registered User
From birth to 13/18 it would make a lot more sense to put the money indirectly (e.g. unity linked fund) or directly in equities. Even from 13 to 18 this might make sense. Putting it on deposit is probably causing it to lose value with inflation and low interest rates.