Children Savings Plan

Investing in their dreams today secures a brighter tomorrow for your child.

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Our award-winning advisors can help you build an investment strategy to meet your goals.

Consider saving for your children's long-term goals.

Investing in a fund can be an excellent way to save for a long-term goal such as a child’s education due to the possibility of larger returns than a standard savings account, while still maintaining your purchasing power. If you wish to save for your kid’s college education you should consider a children’s savings plan.

Children’s Savings Plan’s are a regular premium, unit-linked savings plan. It allows you to invest in a range of investment funds at the start of the policy, and once you make your choice of funds, the fund choice applies for the life of the plan.

Opening a Child’s Savings plan is very simple, you can choose which funds you would like to invest, and how much you wish to put aside each month, it can be as little as €75. One of the financial advisors at LowQuotes can help you understand the risks and potential rewards of investing in a fund for your child’s education

When you should start a Children’s savings plan?

The earlier you start saving, the more money will be accessible to the child when they need it. Savings have more time to develop the earlier you start. By starting a savings plan early, you can give your child a strong financial foundation and help them achieve their dreams.

It’s a good idea to start a children’s savings plan as early as possible. This gives your child’s money more time to grow and can help them achieve their financial goals. But if you haven’t started it’s never too late, start as soon as you can. 

When deciding on a savings plan for your child, consider your goals, budget, and how long you have to save. The image below shows the earlier you start saving the more your savings will build.

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How much you could save investing
in a Children’s Savings Plan.

Investing in a children’s savings plan might generate substantial growth but the amount will depend on a variety of factors, such as the amount you wish to contribute, the length of time, and the level of risk you choose.

You even might want to invest your child’s benefit, the monthly payment to the parents or guardians of children under 16 years of age (or 17 if they are in full-time education or full-time training or have a disability and cannot support themselves). 

Child Benefit is €140 a month for each child. This payment also known as children’s allowance could be invested to enlarge it.

If you invest €140 in a fund for 18 years you will have €30,240 saved up. Putting your money in a fund your savings can double. Instead of having only what you deposited €30,240 you may have €66,713. Investing in a fund can help protect against inflation, as investments have the potential to grow at a rate greater than the rate of inflation.

Investing in a bank’s regular savings, although is low risk, you will get no return. On the other hand, by choosing higher risks funds you might get the chance of higher returns as in the example below.

Regular Savings – you get exactly what you deposited

Child’s benefit

Years

Total – regular savings

€140

18

€30,240.00

Investing in a fund – you get what you deposited plus growth

Child’s benefit

Years

Total

Profit (estimate)

Total

€140

18

€30,240.00

€36,473

€66,713

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I was helped by a lovely representative named Shaneen just a moment ago over the phone. She was so helpful, I've been quite stressed about getting my health insurance set up here in Ireland and she made it so easy and explained everything in detail. Very happy and it was so quick! I greatly appreciate the help and she did a fantastic job. Thanks!
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I had an amazing service with lowquotes.ie for mortgage protection.Neil O’Brien assisted me from the start and I can’t speak highly enough about him. Such a gentleman & so helpful.Any questions were answered promptly and without hesitation. He went above & beyond to help me choose which policy was the right one for my needs and he followed up when I needed a document amended to make sure everything was received & to make sure I was happy with everything.Amazing customer service and everything very promptly addressed.I highly recommend using lowquotes.ieThanks again Neil for all your assistance, it is greatly appreciated!
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Response from the owner: Hey Ferhan,We’re delighted to hear about your positive experience with Aoife Morgan. It’s great to know she was able to guide you through the mortgage protection process with such care and professionalism. We always aim to make everything as smooth and stress-free as possible, so your feedback really means a lot. Aoife is indeed a star, and we’ll be sure to pass along your kind words to her!If you ever need anything else, don’t hesitate to reach out.Best Regards,LowQuotes Team
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Response from the owner: Hey Shauna,We’re delighted to hear about your positive experience with Ross. It’s great to know he was flexible, honest, and thorough in helping you and your husband with your life insurance policies. We’re so glad you felt supported and confident throughout the process—that peace of mind is exactly what we aim for! We’ll be sure to pass along your lovely words to Ross (and your raise suggestion too!).If you ever need anything else, don’t hesitate to reach out.Best Regards,LowQuotes Team.
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We can't thank Tiernan enough he has gone above and beyond for us. He made the process so quick and easy for us even through the most stressful parts. He is very quick with communication and if there are any issues or problems he is fixing it immediately. So glad to have worked with him and have passed his details to many colleagues at work.
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Bilal A.
Bilal A.
Aoife Morgan thank you for all the special service you give. It's nice to know that you care, I got a better price and better service for my insurance needs, I enjoyed dealing with you on my insurance.
Response from the owner: Hey Bilal,We’re delighted to hear about your positive experience with Aoife Morgan. It’s great to know she was able to offer you better value and service for your insurance needs. We always aim to make the process as smooth and personal as possible, so your kind words mean a lot! If you ever need assistance again, we’re here to help.Best Regards,LowQuotes Team.
susan T.
susan T.
Rachel Fennin was very nice, and very helpful in helping me choose my plan ...overall excellent customer service 👏
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Sinead O B.
Sinead O B.
Shaun was extremely good at going through my options and helping me pick a plan that suits my family. I will definitely be reassuring my other policies with LowQuotes
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Sinead and I recently got our mortgage through Lowquotes.ie, and to say we are grateful is an understatement. Bernadine was just amazing from start to finish and left no stone unturned. She was with us every step of the way and made sure we were well-informed, helping us with all the paperwork that was needed and guiding us in the right direction whenever necessary. It was a pleasure dealing with Bernadine and Lowquotes, a company that is the best in the business. Thank you.I would recommend using Lowquotes.ie for your mortgage or any insurance queries.
Response from the owner: Hey Dean,We’re delighted to hear about your positive experience with Bernadine. It’s great to know she was able to guide you and Sinead through the entire mortgage process and provide the support you needed every step of the way. We aim to make everything as smooth and stress-free as possible, so your kind words truly mean a lot!If you ever need assistance with anything else – from mortgages to protection or insurance – we’re just a message away.Best Regards,LowQuotes Team
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Highly recommend Low Quotes Conor and Courtney could not have been more helpful in supporting myself and my partner to get life insurance for our mortgage. They went above and beyond to get it over the line in a very timely manner to ensure we could close on our original date!!
Response from the owner: Hey Megan,We’re delighted to hear about your positive experience with Conor and Courtney. It’s great to know they were able to support you and your partner through the life insurance process and go above and beyond to ensure everything was sorted in time for your mortgage closing. We aim to make the journey as smooth and stress-free as possible, so your feedback means a lot to us! If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team.
Kallamm M.
Kallamm M.
I could not recommend Ross enough for the help and professionalism he demonstrated when helping my partner and I get life cover. He explained each step in great detail and was really easy to get on with. Ross was able to suit any calls into my schedule which was a big help.
Response from the owner: Hey Kallamm,We’re delighted to hear about your positive experience with Ross. It’s great to know he was able to explain everything clearly and work around your schedule to help you and your partner secure life cover. We aim to make the process as smooth and understandable as possible, so your feedback means a lot to us! If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team.
Patrick V.
Patrick V.
Couldn’t recommend Niamh enough, she was beyond helpful in my first home purchase. Couldn’t have done it without her help. Communication was spot on and everything was done quickly with great clarity.
Response from the owner: Hey Patrick,We’re delighted to hear about your positive experience with Niamh. It’s great to know she was able to support you through your first home purchase and make everything clear and stress-free. We aim to make the process as smooth and understandable as possible, so your feedback means a lot to us!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
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Starting to save for your children’s future education in Ireland is best done as early as possible. The earlier you begin, the more time your savings will have to grow through compound interest and investment returns. This allows you to accumulate a more substantial fund by the time your child reaches the age for higher education. Initiating a savings plan at the birth of your child or even before can significantly ease the financial burden of education costs when the time comes.

Child savings in Ireland typically refers to financial products specifically designed to help parents or guardians save money for a child’s future needs, primarily focused on long-term savings or education expenses. These savings products are commonly established to secure the child’s financial well-being, often for education costs, a house deposit, or other significant expenses as they grow up.

How it works:

  1. Purpose: Child savings plans aim to build a financial safety net for a child’s future needs, offering a means to save regularly over the long term.
  2. Account Holder: Parents, guardians, or family members usually open these savings accounts for the child. They manage and contribute to the account until the child reaches adulthood.
  3. Contributions: You’ll have to choose the monthly amount you want to save, and it can be as low as €100. We can assist you in determining the appropriate savings goal based on your desired savings duration.
  4. Long-Term Investment: Child savings products may include various investment options, such as savings accounts, stocks and shares ISAs (check with Philip), or investment funds. These options allow money to grow over the years through interest or investment returns.
  5. Tax Benefits: Some child savings products offer tax benefits or incentives to encourage savings, such as tax-free interest or government contributions.
  6. Gift Tax Exemption: Assigning the savings plan to the child before they reach adulthood can provide the opportunity to utilize the small gift tax exemption in Ireland, which currently allows for a tax-free gift of up to €3,000.
  7. Education Planning: Many child savings plans are particularly tailored for education costs, aiming to help cover expenses related to higher education or specialized studies when the child reaches that stage.
  8. Accessing Funds: In most cases, the child gains access to the funds when they come of age, typically at 18. The money can then be used for university fees, a deposit on a house, or other significant life expenses. Parents or guardians can withdraw the money from the policy while the child is under 18, but the money must be used solely for the child’s benefit.

Child savings plans in Ireland are designed to provide a financial foundation for a child’s future. It’s crucial to research and select a savings plan that aligns with your long-term goals and financial preferences to ensure your child’s financial security as they grow up.

The cost of covering your child’s college education in Ireland can vary widely based on multiple factors, including the type of college, course duration, potential inflation, and lifestyle choices.

According to The Zurich Cost of Education Survey 2023 shows that college students living at home and in rented or student accommodation face staggering costs.

The average cost of putting a child through third-level education during the period of 3-4 years is €66,152 with student accommodation and €46,560 with rented accommodation. It stands at €25,844 while still living at home, which is still a significant amount of money. 

To estimate how much you might need to save for your child’s college costs, consider these steps:

  1. Research Expected Costs: Research the current and projected costs of college education in Ireland. Consider tuition fees, accommodation, living expenses, and other associated costs.

  2. Set a Savings Goal: Based on the anticipated expenses, establish a savings goal. Create a budget by estimating the total costs of a college education for your child.

  3. Use a Savings Calculator: Utilize online savings calculators that take into account your expected savings period, estimated rates of return, and the targeted savings goal. These calculators can help determine how much you need to save monthly or annually to reach your goal.

  4. Invest and Save Wisely: Start saving early to take advantage of compound interest and investment returns. Explore various savings options, such as dedicated education savings plans, investment funds, or tax-advantaged savings accounts, to make the most of your contributions.

  5. Regularly Review and Adjust: Periodically review your savings plan and make adjustments as needed. Keep an eye on changing education costs and adjust your savings plan accordingly.

  6. Consider Other Financial Aids: Encourage your child to apply for scholarships, grants, or bursaries to help offset some college expenses.

Speak with one of our advisors to discuss your specific financial situation, long-term goals, and to create a tailored plan to ensure you’re on track to cover your child’s college costs. The earlier you start saving, the more time your money will have to grow, potentially lessening the financial burden when the time comes.

Saving for your children’s future can be approached through both savings accounts and investment funds, each with distinct characteristics:

Savings Account:

  1. Low Risk: Savings accounts are low-risk options that offer deposit protection up to a certain limit. They typically provide a fixed or variable interest rate.

  2. Easy Access: These accounts are highly liquid, allowing you to access the funds at any time without penalties. They’re suitable for short-term or emergency savings.

  3. Stability: Savings accounts offer stability, making them suitable for short-term goals or as an emergency fund. However, the returns may be lower due to the low-risk nature.

  4. Security: In Ireland, savings accounts are protected by the Deposit Guarantee Scheme, which ensures deposits up to a certain amount per institution per depositor.

Investment Funds:

  1. Higher Potential Returns: Investment funds offer the potential for higher returns compared to savings accounts. They invest in various assets like stocks, bonds, and other securities, potentially yielding higher profits.

  2. Risk and Volatility: Investment funds involve market risk and can be subject to volatility. They are better suited for long-term goals, as the value of investments can fluctuate over time.

  3. Diversification: Investment funds provide diversification by spreading the investment across various assets, reducing the impact of a single investment’s performance.

  4. Long-Term Growth: While they offer higher potential returns, investment funds require a longer investment horizon to mitigate short-term fluctuations and benefit from compounding.

When saving for your children’s future, consider a balance between both approaches. Savings accounts can provide stability and security for short-term or emergency needs, while investment funds can potentially offer higher returns for long-term goals, such as funding higher education or other significant life events. Speak with one of our expert award-winning advisor for guidance.

In Ireland, standard savings accounts typically generate interest, which is subject to Deposit Interest Retention Tax (DIRT). DIRT is a tax deducted at source from the interest earned on savings and deposit accounts in financial institutions. The current DIRT tax rate is 33%. This means that financial institutions deduct 33% tax from the interest earned on your savings before it’s credited to your account. (confirm with philip)

We recommend you to always seek professional advise for the most updated information on savings accounts and taxation in Ireland, as tax laws and rates can change, affecting the tax treatment of savings accounts.

Warning: Past performance is not a reliable guide to future performance.

Warning: Benefits may be affected by changes in currency exchange rates.

Warning: The value of your investment may go down and up.

Warning: If you invest in these funds, you may lose some or all of your investment.

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In the unfortunate circumstance that a customer contracts COVID-19 and dies, our life policies would pay out in line with our usual claims philosophy.

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