Figuring out how to give a young child money without falling foul of Revenue worries parents and grandparents. Photograph: iStock
Doing so for 16 years, for instance, would see an account of €48,000 even before you take account of interest. Speaking of interest, my experience of these accounts is that the interest available on most of them is fairly derisory but that appears to be the price you pay for having the account focused on the minor., an account can be opened in the name of the child, even where they are under the age of seven with the consent of their parents. It can also be opened in joint names.
It allows accounts to be opened in the name of either a parent or grandparent although, as with AIB, the parent will need to visit a branch to open the account and provide poof of ID, address and their personal public service number. The big downside here is that the account balance is capped at €5,000 which makes it pretty useless for what you intend.
An Post says it will open a deposit account in a child’s name, regardless of age, as long the parent agrees. The parent will have control of the account at least until the child turns seven; after that, with parental consent, the child can assume control. Credit unions all operate individually but a few I checked seemed open to accounts for children – most likely in joint names – as long as a parent is already a member.
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