Under 18 and we're encouraging savings to benefit from compounding. We're trying to Instill the habit.
We are debating the optimum bank, cu, an post savings accounts then it occurred to me that perhaps starting a pension immediately and benefiting from tax free contributions straight away.
Is this doable for u18's?
Any advice or experiences are appreciated.
Wanted to find out if anyone knew if its possible to open a PRSA pension for a child (newborn)? I get that there would be no tax relief as the child does not have earnings. But you would get around deemed disposal, its a good place to stick the €3k small gift exemption each year and even when...
www.askaboutmoney.com
At such a young age they might be better off saving towards accommodation/a property at this stage?
If they opened the pension at age 18, they could claim tax relief on contributions made up to 31st. October of the opening year from their previous year's earnings. Effectively they can gain tax relief from age 17.