3K Gift to Granchildren - can it be cash?

F

Finpat

Registered User
Messages
6
My mother who is 95 wishes to give her great grandchildren 3k each as part of the yearly gift. Some of the grandchildren are quite young and dont have bank accounts in their own name. Right now it is extremely difficult to open accounts for children.

Can the 3k gift be given in cash to these children via their parents? Or does this mean the gift effectively is to the parent who is also to receive their own 3k gift.

If so, how can she assign 3k to these younger children?
Thanks
 
Am open to correction but I think no restriction on state savings products for children.

She could (for example) write a cheque for a ten-year savings bond in the grandchild's name.

They can cash it in when older.
 
Curious... why is it "extremely difficult to open accounts for children"? Surely both state savings and savings accounts require the same information.
 
It's difficult for anyone other than a parent to open the account as you need a load of id info etc which you must get from the parent, not like years ago when you could go in and just open an account for a minor without having to let them/parents know immediately, it's way more hassle now. I presume that is what is meant. Plus it is the same for state savings etc, not easy any longer just buy a gift of a few prize bonds for example.
 
Monbretia said:
It's difficult for anyone other than a parent to open the account as you need a load of id info etc which you must get from the parent, not like years ago when you could go in and just open an account for a minor without having to let them/parents know immediately, it's way more hassle now. I presume that is what is meant. Plus it is the same for state savings etc, not easy any longer just buy a gift of a few prize bonds for example.
Click to expand...
This is correct. You can buy a prize bond with a value of less than EUR 100 as a gift, but for the other state savings products the parent/guardian must sign the form and identfication documentation etc. be provided. https://www.statesavings.ie/help-su...-purchase-state-savings-products-including-pr
 
Last edited:
To answer the question- I don’t believe there would be any issue with the gift being in cash (maybe keep a written record in case it’s ever questioned).

That said as detailed above there may be better and safer options.
I can see an argue,ent that giving an eight year old a wad of 50’s might not be the best idea,
 
k06351000 said:
To answer the question- I don’t believe there would be any issue with the gift being in cash (maybe keep a written record in case it’s ever questioned).

That said as detailed above there may be better and safer options.
I can see an argue,ent that giving an eight year old a wad of 50’s might not be the best idea,
Click to expand...
Unless it's for their communion!
 
I opened my first post office account when I was 7 - a few days after my communion. I had a bag of coins :oops:

OP it would be well worth all the kids having a savings account of some sort for 'gifts' and saving
 
I opened bank accounts on line (Bank of Ireland) for my grandchildren, no problems and set up a standing order to feed in a monthly amount as a gift for them for future needs. As they become teenagers they can have access to it themselves, their own cards
 
You must log in or register to reply here.
Back
Top