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Regular Saver Accounts

  • 19-12-2006 11:41am
    #1
    Yorky
    Registered Users, Registered Users 2 Posts: 1,485 ✭✭✭


    My query is about saving the maximum permitted amount in the array of regular saver accounts paying interest in excess of 6% rather than making extra capital mortgage repayments as the return is greater.

    One can also open accounts in their childrens' names. I know BoI and AIB allow this. Could there be any problems associated with this? As a thought, say if you did open accounts in childrens' names and then at a later decided to use the savings to pay off the mortgage or for another purpose, would there be a gift tax liability ie child to parent?


Comments

  • #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    I think the rule is that as long as your not giving ur child more than 40k per yr as a gift then its not taxable, but you might want to check that one out. However Im not sure you can then go and say "I want my money back"....


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