Child savings: German Bank(sparkasse) officer recommended private pension insurance. Is this a nice way to go?

[allforhisglory]

@goitsemang Or use A2PKXG if you want an accumulating ETF.

 

[dixieheart]

@goitsemang

discount brokerage account

You mean, IBKR, Degiro, Scalable Capital etc?

 

[lukemac17]

@dixieheart I would use DKB or scalable, because they are easy and take care of the taxes in Germany. I'm not sure IBKR does that, and it could be a hassle.

 

[ahsgjhhkjh]

@dixieheart IBKR

 

[bethanya]

@dixieheart Banks' investment/pension plans are a scam.

 

[resjudicata]

@dixieheart if possible, invest the money in your name, but name the child as beneficiary (or don't). It's all very noble to put the money in his name but it usually has no real benefit. You lose control over money you don't know you might need in the future and are giving it to a person you don't know (do you know how the relationship with your child will be in 16-23 years? We all hope it will be good, and if it is, you can just gift him the money)

 

[britmark]

@dixieheart Go open a child depo account with comm direct under your child's name. Each month invest the kindergeld in an etf world tracker by iShares or vanguard. When they turn 18 they will be thankfull you listened to a stranger on the internet.

 

[goitsemang]

@dixieheart Not all brokers will open accounts for minors. Try scalable, traderepublic, just trade or smart broker. Maybe even ING.

 

[masill]

@dixieheart He probably gets a nice commission if you buy this product. Costs for these kinds of insurance policies tend to be high. Do you have any information on the annual fees as a % of the invested capital? At any rate, as many others have said here: just open a brokerage account for your boy and buy the ETFs yourself.

 

[dixieheart]

@masill Good point. I'll ask about the fees

 

[marcelineabader]

@dixieheart 100% VWCE and chill.