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What type of account to set up for a Youngster in Ireland?

  • 30-03-2019 1:59pm
    Registered Users Posts: 3 Outvestor

    Hi all,

    I'm thinking of starting up a brokerage account for a younger member of my family.

    They're only 7 years old at the moment, but I want to get an account set up & invest in some stocks / index funds, etc. for them with the long term in mind.

    The plan is to put a lump sum in now, and then periodically invest a bit more, as well as re-investing any dividends that are returned.

    I'm just wondering what is the most efficient type of account I can set up for them, which broker to use, etc.?

    I'm still new to the world of investing myself, so I'm not entirely sure what I should be looking for.

    Here's what's on my mind at the moment regarding this:

    - Tax:
    What would the most tax-efficient type of account?
    So when they do decide to take out dividends or whatever, that they're not stung badly.

    - Fees:
    Same as above tbh :)

    I'm sure there are some other aspects that I'm not aware of, so I'd be more than thankful if anyone could provide some more info or insight. Thanks a lot in advance!