Children's Savings Plan

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David HurlDavid Hurl ★★★★★ Dealt with Conor and he was great walking me through the stepsMade the process super easy and informativeJordan LipperJordan Lipper ★★★★★ Excellent service, I dealt with Richard Westman and from the very beginning he took care of me and answered all my questions and was very patient with me while he took to time to explain everything to me . Highly recommended 👌Ashlinn CumminsAshlinn Cummins ★★★★★ Dylan has been incredibly helpful and friendly throughout the whole process of obtaining life assurance. He has been able to guide me and given great advice in an area I know nothing about, and has been brilliant in helping with any questions I have had since. Couldn't recommend more highlyMinjeong KimMinjeong Kim ★★★★★ I got both IP and SIC from Niall. I'm extremely satisfied the result I have now. He answered all my questions without judgement for me to choose the right option. I can't recommend him enough. Thanks Niall.thomas chawkethomas chawke ★★★★★ Excellent service, Richard was very helpful in helping us set up our life insuranceKaren O'FlahertyKaren O'Flaherty ★★★★★ Colin is informative and very helpfulNo hesitation recommending Colin and Low Quotes.ieJamie MurnaneJamie Murnane ★★★★★ Richard couldn’t have done anymore for me if he tried . Extremely helpful and tried his best to stick to my budget and give me the best deal in the meantime. It took a few days but he was persistent and got me sorted. Super understanding and helpful. Thanks Richard .Darragh O BrienDarragh O Brien ★★★★★ After speaking to Seamus me and my partner were reassured about what our options were together, he answered all our questions and he was an absolute pleasure to deal with. Would highly recommend getting in touch over the phone for your plan.Richard BulfinRichard Bulfin ★★★★★ Fantastic service from our broker Bernadine. She made the process of getting a mortgage easy and stress free. We would have struggled by ourselves as our house was not a straight forward buy. Highly recommendAamir BanderkerAamir Banderker ★★★★★ We applied for our life insurance through them. Richie is an amazing advisor. He explained the quotes and policy documents in great details. He was also good in advising on various products that would cater our precise requirements. We spoke couple of times, each time he explained the policy in great detail. I would highly recommend LowQuotes and thanks to Richie for helping us set up our policy.Ramy MorsyRamy Morsy ★★★★★ Great company!Had an outstanding support and experience working with Niall.One of best customer experience you can get out there!Holly CaulfieldHolly Caulfield ★★★★★ We used Low Quotes to get life insurance and I'm really happy with the service. We spoke with Colin who was really great and super helpful and explained everything fully to us in detail and answered all our questions. I'd definitely recommend anyone to use them.Alan McAdooAlan McAdoo ★★★★★ Excellent serviceGeorge HannemanGeorge Hanneman ★★★★★ Helpfull and a great expirienceC MC M ★★★★★ Look no further than I can’t recommend Richie Westman enough. He was incredible while working with us. Even though there was a lot of delay and back and forth from our end, he was extremely patient and accommodating. He made sure we had all the information we needed even if it meant repeating things to us a multiple times.If you’re starting your first time mortgage journey, Richie is the the guy you’d want to talk with. Well done Richie and thanks a ton!Alexandra MolnárAlexandra Molnár ★★★★★ Had an amazing experience with Richie Westman. He was patient, super accommodating, and very clear on his explanation when I had questions. I really appreciate his time and expertise, his help will certainly alleviate the some of the stress involved in securing a mortgage.Jennifer MulhollandJennifer Mulholland ★★★★★ Had an outstanding experience with Low Quotes, especially with Alan, while arranging mortgage protection. Alan's professionalism and assistance made the process incredibly smooth. His proactive approach alleviated our stress, as he went the extra mile to stay in touch and ensure we had all necessary documentation to finalize our mortgage. Highly recommend Low Quotes without hesitation.guddu sonuguddu sonu ★★★★★ I would rather not think of any other company to deal with Life insurance and Mortgage protection. I dealt with Seamus who really helped me understand the process as I was a newbie, by providing an exceptional service and information. 100% friendly experience and a very smooth process.Louise KelleherLouise Kelleher ★★★★★ I cannot speak highly enough of Bernadine Day. Our mortgage journey was not a straightforward one and I can honestly say we wouldn't have gotten through it without Bernadine's help. She pointed us in the direction of the right lender for us and guided us through the process with professionalism and empathy. Her knowledge, expertise and kindness are unparalleled. She was always available by message or by phone to answer any questions we had or to assuage any anxieties we had. She dealt with our lender on our behalf and was always prompt in relaying messages from them and in passing on any requests they had for documentation. Bernadine was so helpful too in explaining the different jargon and terminology we weren't used to. She will always have our gratitude for guiding us through the journey and into our dream home.Kind JewelsKind Jewels ★★★★★ There is no other mortgage broker like Bernadine Day. Our mortgage journey was not the most straightforward, and having Bernadine on our side through it all was a blessing. She has vast experience and a can-do attitude ~ she is the reason my partner and I have this mortgage.If you are beginning your mortgage journey, chat to Bernadine. You will be in the best hands possible.10/10, highly recommended.Barry BrownBarry Brown ★★★★★ Richard Westman and the team are LowQuotes are super helpful. Really helped us get the best deal on Mortgage Protection very efficiently. Very professional and easy to deal with.leah holohanleah holohan ★★★★★ I had recently inquired about life Assurance in January and I had Richard Westman looking after me, I would highly highly recommend Richard, he was great to work it, he was keeping me in the loop and helping me get the best quotes of cover. I am delighted with the deal he got me and I would definitely come back for anything else I want to add or any queries I would have.Michael CassinMichael Cassin ★★★★★ Very Good company to deal with, we dealt with Seamus who gave us clear easy to understand information and was very reassuring when we had questions or requested clarity on any issues if we had. Overall would recommend this company to anyone who is looking for any quote's. Thanks again Michael and AmandaAngela DoyleAngela Doyle ★★★★★ Very good company to deal with. we dealt with Seamus who gave us clear easy to understand information and was very reassuring when we had questions or requested clarity on issues. Overall would recommend this company to anyone who is getting a mortgage Protection life cover, or anything they are the best to deal with I won't be changing again. Thanks so much for a fantastic team. 😀😀😀Rebecca NicholsonRebecca Nicholson ★★★★★ Richard Westman was extremely helpful and efficient when sorting our life cover. He also was really friendly which made the experience even better. Thank you!Margaret MorrisseyMargaret Morrissey ★★★★★ Bernadine Day worked tirelessly to remortgage my home. At times it was difficult to navigate due to my complicated housing portfolio but Bernadine`s support and efficiency guided me through the rough waters. She really does go above and beyond to help achieve the best rates for her customers. I are hugely grateful to her. Bernadine`s communication is always clear and concise and no issue is ever too big for her to assist with. Thank you for your help, I will no doubt be back if I purchase again.Date of experience: March 2024abhineet kushwahabhineet kushwah ★★★★★ We got best quotes from LowQuotes. Whole process was easy and hassle free because of Advisors (Alison Fitzpatrick). She was every helpful and responsive for each query.Sweeter than HoneySweeter than Honey ★★★★★ Richie has been very thorough with the details of the mortgage protection that we are hoping to avail. He let us understand how the benefits can impact us in the most simplest terms. Furthermore, he was tactful and patient with every queries we asked. Well done, Richie.Thank you.Behnam RavanBehnam Ravan ★★★★★ I have to say absolutely my pleasure to work with this company they're amazing people and so helpful they're the best of the best 👌 👍kara heriotkara heriot ★★★★★ Richard Westman was incredibly helpful, reassuring and listened to what my needs were. It was a very smooth process and delighted to have taken out Life Cover that suits our families needs.Holly MurphyHolly Murphy ★★★★★ Get service - honest & informative. Highly recommendmackieboy1989mackieboy1989 ★★★★★ Had a great experience. Richie my advisor was on hand to answer any questions. He was also very responsive and found the best solution for my specific needs in a timely fashion.I intend to use Richies services again and will be recommending to family and friends.Darren Mc NamaraDarren Mc Namara ★★★★★ Richard was very helpful in the process of our application he made everything straight forward for us, we would recommend him to others goin' forward.Chee Keong PhungChee Keong Phung ★★★★★ Amazing service from Richard Westman!!Highly recommend Richard if you are looking for mortgage protection and other insurance.He is so helpful.Couldn’t recommend him enough 10/10Sophie RigneySophie Rigney ★★★★★ Couldn't recommend low quotes enough Richie Westman was our advisor and nothing was a problem, he got our policy up and running without any issues, kept in touch with us throughout the process to let us know how things were going and he was very efficient. We are so happy this process was made so easily and puts our minds as ease for our future!!kelvin Akhabuekelvin Akhabue ★★★★★ My life cover protection was so easy the way Fiona took me through the process and I thanks her now I am fully cover for my family.I will highly recommend anyone to LowQoutes and for any assistance.Thank you Fiona RobinsonGary WalshGary Walsh ★★★★★ Highly recommend speaking to Richie if you are looking for mortgage protection. Myself and my wife were delighted with the service from Richie, so efficient and easy to deal with! 10/10Sinead McGuinnessSinead McGuinness ★★★★★ Richie was so professional but friendly and helped me through my application and was super helpful. I would have no hesitation in recommending lowquotes to friends and familyCherry Berry BlossomCherry Berry Blossom ★★★★★ Easy to choseEasy to navigateQuote very fastRachel MartinRachel Martin ★★★★★ Amazing Service!!! Colin was knowledgeable, helpful and an absolute pleasure to deal with. He explained the polices available and listened to what i needed. Highly recommend.John Paulo EbonJohn Paulo Ebon ★★★★★ The process of setting up an insurance policy in this website is very easy to understand and user friendly. I will definitely recommend this to my friends and family.Manuel BraticicManuel Braticic ★★★★★ Very friendly and professional agent. Covered all my questions and gave all answers with best quote for my needsMia SweetmqnMia Sweetmqn ★★★★★ Excellent service .. dealt with Joe who was so helpful & explained in detail everything we needed to know.. very professional. Would highly recommend. Thanks again Joe 😊 Karina & DamienEdina NemethEdina Nemeth ★★★★★ We were dealing with Amanda Buckley. From the first moment Amanda has been extremely hepful, professional and efficient. Her kind and positive attitude just made the whole process easier and smooth. I would definitely work with her again and 100% recommend her everyone who's looking for a great financial advisor.Gcinangaye GamaGcinangaye Gama ★★★★★ What a great team.. had a great time and much informative advise from Joe O Shaughnessy, who took me through the whole stages and gave me the best advisejs_loader

Consider a Children’s savings plan for ong-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.

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


Total – regular savings




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

Child’s benefit



Profit (estimate)







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Your Questions Answered

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.

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This ensures a clients financial goals can be effectively met. 

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