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The rate on that account is not actually that much better than standard rates on offer elsewhere. 15% over 5 years is the equivalent of 2.835% CAR (based on what the CAR calculator here says) gross and net (since there is no DIRT) whereas [broken link removed] offers 3.05% gross CAR or 2.44% net on sums of €1,000 or more. In any case, if you are saving the Child Benefit for the long term (e.g. for secondary or third level education costs etc.) you should really at least consider if something like a low charges equity based investment might not be more appropriate and offer the opportunity for higher returns (albeit with higher risk/volatility). On the other hand if you expect to be finding yourself hard pressed financially sometime soon then perhaps you should be using this money to meet your immediate needs rather than locking it away for the future?Suedenim said:I am receiving child benefit - I save it in the childplus high interest account in the post office which means I can't really use it unless I'm willing to also lose the interest it's earned. Obviously if I have to I can take it out but if I can get by...
Fair enough but I am probably not alone in thinking that while you are obviously right to claim any tax credits/allowances and welfare payments to which you are entitled, the father of your children really should be dealing with his responsibilities too in terms of providing financial support for their care and welfare.He's only paying a small amount as
1) he is buying his own place and does not have a lot left over,
2) I earn more than him (his argument, not mine, I don't think what I earn should come into it).
3) He's promised to pay extra as extra child-related costs arise. (at the moment I believe him).
For the childrens sake I want to keep everything amicable and I suspect if I push this issue our remaining relationship will deteriorate.
See this thread for more commonly available tax credits/allowances. Make sure that you are not owed tax due to overpayments in past years (up to four years back if I'm not mistaken). If in doubt about your entitlements contact your local or maybe even MABS (you don't have to be in debt as far as I know) for more information about payments and allowances to which you may be entitled. If you think that you will be under financial pressure soon then now's the time to prepare by collating a spending diary, working out where savings can be made and drawing up a budget to which you will adhere in order to keep your finances under control. See the key topics pinned at the top of this forum for more resources on this sort of stuff (avoiding and getting out of debt).Is child benefit the only money I can claim? Does my tax-band change? I currently pay the higher rate of tax. I'm going to be a hell of a lot worse off in a few weeks time so.
For information about statutory rights and obligations in the context of civil relationships (ongoing or terminated) it might be worth reading some of .Suedenim said:I'm not sure that, as an umarried couple, I can force the issue, and not sure that I would if I could.
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