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Minors investment

  • 15-09-2022 8:30pm
    #1
    L1985
    Registered Users, Registered Users 2 Posts: 1,018 ✭✭✭


    Hi all

    not sure if this is the right forum.

    i want to set up a savings account for my 2nephews (2 accounts)

    I want the account in their names preferred but i could do joint with myself either but I don’t want them or their parents /guardians to know about it for complicated reasons. I will have the details with the solicitor so it won’t get lost! It will be for yearly sums.

    is This possible?

    if this isn’t the correct forum please let me know :)



Comments

  • #2
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,733 ✭✭✭✭Atlantic Dawn
    M


    With customer due diligence the actual setup and ownership of an account without the permission and assistance of the parents will be problematic, I think you would need the parents on board to proceed. Degiro no longer allow you to open an account for a minor, not sure which others would allow it.

    You can receive a gift of €3k a year tax free without any tax implications so you could give them each €3k, also if you are married your spouse could give the same so potentially could as a couple be giving them €6k a year each.

    https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-exemptions/small-gift-exemption/index.aspx




  • #3
    Shedite27
    Registered Users, Registered Users 2 Posts: 9,469 ✭✭✭Shedite27


    I think Zurich are the only ones who do this at present, rumours Aviva will join them in the market shortly. They're regular savers funds (min €75/month) that are assigned to the named individual (child)


    https://www.zurich.ie/savings-and-investments/savings-options/childs-savings/

    Who's Child Savings Plus for?

    • Parents who wish to save for their children's future.
    • Relatives or god-parents who would like to put aside money for a child's future.
    • Those happy to save for a period of 5 years or more.




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