College costs in Ireland are rapidly rising, leaving many families searching for ways to secure their children’s educational future. With third-level education expenses reaching over €10,000 per year, the financial burden can be daunting. Whether you’re a parent planning ahead or a student dreaming of a debt-free graduation, having a robust education savings plan is more important than ever.
CHILDREN’S COLLEGE EDUCATION SAVINGS PLAN
A long-term savings plan to help parents accumulate a nest egg for their children’s college education costs.
Benefits Summary
- Save small amounts monthly and build a strong education fund
- Save your family’s Children’s Allowance of €140 per month per child and build over €70,000 nest egg per child over 18 years
- Flexible plans available
- You can pause or change your savings anytime
- Make lump sum contributions
- Easy access options if required within 48 hours
- Invest your money with a provider that is fully regulated by the Central Bank of Ireland
- Invest in funds that suit your comfort level with risk (low, medium, and high-risk investment options available)
- Grow your money over time and beat inflation
- The earlier you start and the longer you stay invested, the greater the potential return on investment will be
- Helps ease the cost of college when the time comes
- Gives you peace of mind knowing you’re planning ahead
- Simple process – Set up application, choose a suitable investment fund, and forget about it until your child’s 18th birthday
- Let compound interest grow your nest egg
- All you need to do is “invest and forget.” Try not to stop contributing or change investment strategy, and you will have a significant nest egg to cover your children’s education
Why Start a Children’s College Education Savings Plan?
The cost of third-level education in Ireland is no longer a distant concern — it’s a real financial challenge many families face today.
Between tuition fees, rent, study materials, and everyday expenses, it can cost around €10,000 per year — or €40,000 over four years — to send just one child to college. Even those living at home face rising costs for transport, books, and meals.
While part-time jobs, student grants, or loans may offer support, most students still need financial help from their parents. That’s why more families are now turning to a college education savings plan or education savings account to prepare.These savings plans offer a tax-efficient education fund that transforms small, regular contributions into a powerful education investment fund. Instead of leaving your money in a low-interest deposit account, you can invest it for potential growth that keeps up with inflation.
For Example
Saving €140 per month (Children’s Allowance) from birth to age 18 could grow to over €70,000 — enough to give your child the freedom to focus on their studies, not the stress of how to pay for them.
How Much Should I Save?
There’s no fixed amount or perfect formula, but the most important step is to start now:
- Saving €140/month (Children’s Allowance) could build up to €70,000 over 18 years
- Even €50/month can grow into a valuable college savings plan over time
- Starting late? No problem — a few focused years of saving still make a real impact
Here’s the key to preparing for your children’s college education:
- Start early and contribute consistently
- Try to avoid withdrawals so the fund grows uninterrupted
- No amount is too small — save what you can, when you can
- If you receive Children’s Allowance, use as much as is affordable to build a financial savings plan
This isn’t just about covering college fees — it’s about a child’s future education planning and giving them the freedom to choose their path without financial stress.
Inflationary Risk of Not Investing Your Savings
Inflation is the increase in the price of a typical basket of goods & services. It measures the general cost of living in a country. Over time, a typical €100 will not buy the same amount of goods & services that it will today.
If your savings are not invested and generating at least a 2% net return, inflation is eating into their purchasing power.The cost of college education fees, rent, clothing, and food/drink will all rise by the time your child is going to college — that’s a guarantee. By investing your savings, you will hopefully put a strategy in place to keep, if not enhance, the purchasing power of your hard-earned money.
Not investing your savings and letting inflation erode them over time is a hidden risk that often goes unnoticed until it’s too late.
Savings Versus Investing – What is the Difference?
Although saving money in any shape or form is always recommended, investing these savings over a long-term period consistently has been proven to be a more financially prudent decision.
Compounding your savings together with any returns generated over time creates a snowball effect on the value of your savings.
Investing your Children’s Allowance over 18 years (from birth to your child’s 18th birthday) and generating a positive average annual return over this period can significantly increase the value of the nest egg built up.
Ready to secure your child’s college future? Enquire now and learn about our education savings options.
Choosing a Provider
Before setting up a savings or investment plan with any provider, it is always recommended to perform a detailed comparison of all providers in Ireland, so you can make the most informed decision & choose the provider that best suits your requirements.
As a fully Central Bank-regulated multi-agency financial brokerage, we only recommend providers who are also fully regulated by the Central Bank of Ireland. This gives extra protection to you as a customer.College education savings plans in Ireland are typically provided through Life Assurance Companies. These are the most common routes for long-term, tax-efficient savings plans.
Don’t let college costs catch you off guard. Book a consultation with our experts for a personalized savings plan.
Main providers include:
- Zurich Life
- Irish Life
- Aviva
- New Ireland Assurance
- Royal London
- Standard Life
Key Areas of Comparison
To help you make the most informed decision, we compare all savings & investment plan providers in the following areas:
Fees and Charges
- Allocation rates offered
- Annual management charges
- Policy fees & other hidden charges
Investment Fund Options
- Range of options
- Proven track record of these funds over a 5–10 year period
Flexibility of Each Savings Plan
- Access options
- Penalties (if any) applied for access
Customer Service Support Offered
- Access to policy information & documentation
- User-friendliness of their online client portals
- Availability & promptness in dealing with client queries
This detailed comparison will be very useful before choosing any provider.
Recommended: Planning For Your Child’S Future: How Long Term Savings & Investments Can Fund College Education In Ireland.
Once you have made your decision, we will then assist you in submitting all of the necessary paperwork & documentation required to set up & start your savings or investment plan.
If this service is something that may interest you, please schedule a call with one of our highly qualified Advisor Team.
You might also like our post on Build Your Child’S Future: Smart Savings & Investments Plans For College Education In Ireland.
Frequently Asked Questions (FAQ)
How much does college cost in Ireland?
Third-level education can cost up to €76,000 for a 4-year degree (including rent, food, books, travel).
Take the first step toward a worry-free college experience. Book a consultation with us to explore your options now.
Where’s the best place to save for education in Ireland?
If you want low risk, go for a savings account. If you want growth and inflation-beating returns, an education investment fund is a better long-term option.
Discover how you can build a college fund that grows with your child. Enquire today to get started!
Related read: Regular Saver Investment Plans: Maximise Your Savings & Investments For Long Term Growth In Ireland.
Is college in Ireland expensive?
Yes – even for domestic students. Tuition may be subsidised, but accommodation, supplies, transport, and food all add up quickly.
Recommended: How To Use A Section 73 Savings Plan In Ireland To Avoid Inheritance Tax.
Can I Access My Funds?
Yes — but keep in mind:
- This is a long-term education savings account, ideally kept for at least 5 years
- Early withdrawals are possible if necessary
- Withdrawals made too early may come with small penalties
CONCLUSION
Planning for your child’s education is one of the most significant financial decisions parents can make today. With the costs of higher studies continually rising, getting ahead means starting early with a college education savings plan in Ireland. These plans allow you to gradually build an education investment fund that can support your child’s academic and career aspirations.
By leveraging structured education savings accounts, you’re not just stashing away cash—you’re building a future filled with opportunities. From tax-efficient education funds to flexible saving options, understanding the landscape of financial savings plans available can empower you to make informed choices. Whether you’re setting aside children’s allowance or exploring more aggressive investment strategies, the goal remains the same: securing a quality education for your children without financial strain.
Ready to set a strong foundation for your child’s future education? Maximising your investments today can lead to a wealthier tomorrow. Trust Money Maximising Advisors to help you achieve this milestone. Contact us now to elevate your education savings journey with expert guidance.
Elevate Your Child’s Education Savings Journey – Contact Money Maximising Advisors today!
