We looked into them, but concluded that they really only work for people who don’t have the self control to save. Otherwise you’re better to do it yourself, and leave yourself more flexibility.

My kids went to catholic schools so there is a discount after the first child . The plan is negotiated with the school that you must pay a certain about per month or whatever is agreed upon . I would discuss this with them first about the 5 children and decide if it is good for your circumstance . The good thing is they don’t charge you interest so if the school is worth putting them into after much research so why not ask them to help you . Our school had flexibility ( cash , credit or debit ) so it was great for our 2 children .

I have just read a post on here about a similar thing and the consensus seems to be you’re just as well off saving the money yourself

I would look at developing your own savings fund. there is certain criteria for the education funds

I like the idea of fixed saving account as well.

I haven’t used them but am aware of them, they are usually just known as Education Funds. You will need to check out what fees you will be charged, if you can no longer contribute to the fund, do you lose any money, what if you need to get access to the funds early are there any fees etc… it’s a lot to think about. All the best.

there are some good comments here

no but it should be good shouldnt it?

What did you end up doing?

Very interesting, and a a great idea

Private school r so expensive

I hope your going well with your savings

My new plan is to use the redraw off our home loan as the saving on the interest is better than the interest earned in a different account. So pay more off the mortgage which you can then redraw when you need to. Of course check the specifics of your loan if you are going to try this.

Hope you have found some advice that will help.

Hope some of the answers below helped you.

What did you end up doing?

I hope you find some answers for this

we just use a school account which we direct debit into each week.

I would also look at fixed term deposit or interest bearing savings accounts

NO! Unless they have changed radically since I investigated them, you are far better off saving your own money in a fixed term deposit account.