‘Children’s savings scheme costs too much’

A SCHEME encouraging children to save costs €1 million a year to run even though it only brings in €4m annually, the financial watchdog warned.

The Comptroller and Auditor General (C&AG) insisted a cheaper system must be put in place for the bank stamps initiative.

An Post is paid a management fee of €1m a year to run the scheme even though there is usually only €2m on deposit at any time.