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-prIt'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.
Unless it's for their communion!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,
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