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Saving for someone else's child?

  • 11-09-2021 11:58am
    #1
    Caranica
    Registered Users, Registered Users 2 Posts: 10,134 ✭✭✭✭


    For my communion many moons ago, a relative opened a savings account for me and put £5 in it. They gave me the book and they added money at birthdays (I got presents at Christmas). I'd like to do something similar for a nephew but from what I can see online you can't set up a savings account for someone else's child. Other than prize bonds and cash is there any way to gift money to a child?



Comments

  • #2
    Calculator123
    Registered Users, Registered Users 2 Posts: 166 ✭✭Calculator123


    I think a relative of mine did something similar for me, back in the day!

    Best advice is to ask the banks or better still post office or credit union.

    For reasons related to money laundering and fraud, I'd imagine rules are tightened since then but a parent can certainly open an account in child's name in the credit union which you could contribute to.

    Aso the likes of Revolut have options for children and they get their own debit card. Parent would have to set this up from their own Revolut account. You could transfer online to them.



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