Fully agree with Pope John. Saving certificates are best long term at the moment (see Best Buys). They are hassle free, DIRT free and state guaranteed. They are ideal investment for children, and in the current climate, ideal for anybody putting away long term.
7.30% Regular lodgements (electronic transfer or standing order): Maximum €1,000 a month. Minimum rate guaranteee of ECB+2%. No penalty for occasional missed contributions. Effective Maximum Balance €13,000, as account lasts for one year -- withdrawals in first 6 months may incur a penalty.
Aib parent plan is currently 8.25%. Remember it variable so likely to drop further. At face value it looks good even at 8.25% but is riddled with terms and conditions which need to be studied carefully.