Degiro is closing my child's minor account

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pcrowley

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My children have had minor DEGIRO accounts for the last 4 years.
Today I just received an email that they will close one of the account within a month.
I expect 2 more such emails in due course.
Does anyone have any alternatives?
 
I did not know such a thing was possible. I thought you had to be over 18 to hold and account
 
I thought, to create a second "view" you transfer funds as normal but provide a different username eg "fozzy bear".

Then login with that username.

It was never clear to me exactly how it worked.

Maybe someone can clarify.

But it should be possible to have multiple views on your account with you as beneficial owner.
 
AndroidMan said:
I did not know such a thing was possible. I thought you had to be over 18 to hold and account
Click to expand...
It was (& still seems to be for 2 of them) - the money came & goes back only to their AIB banks accounts, they needed my ID as well as theirs but only now giving us short shrift, 30 days to close a stock portfolio in the middle of a pandemic seems very unfair.
 
Stocks can usually be sold in a matter of seconds - unless they are holding some exotic stocks that are traded infrequently and erratically
 
They can definitely be sold but some are seriously under water due to covid.
I don't think I can take over money as per banking rules and probably wouldn't want to as they have CGT allowance each that gets consumed.
 
It seems DEGIRO reversed their decision (only after I had sold all but 1 of the shares & moved the money out) . Though my trust in them has been seriously undermined.
"We see that you indeed have provided the necessary documents for minor accounts. The actual conversion has unfortunately been missed by us, which we apologies for. The accounts will soon be properly converted to minor accounts.

The termination of this account is cancelled. The account will remain open"
 
pcrowley said:
They can definitely be sold but some are seriously under water due to covid.
I don't think I can take over money as per banking rules and probably wouldn't want to as they have CGT allowance each that gets consumed.
Click to expand...
I know it's off topic (and no help to you) but do you have any information on the CGT allowances for minors. I thought that they didn't get CGT allowances for shares, although I can't remember where I read that and can't find it now. I'd like to open an account for my daughter but avoided it because of this.
 
I am pretty sure they get the same as us €1270. I had varying answers from the revenue, the first being it was all my tax. Which I believe is the case with income (dividend).
 
Well is seems grumpy DEGIRO is back, they want rid of my 2 children. Has anyone spotted reasonable brokerage options for under 18s available to Irish residents?
 
@pcrowley did you ever get an alternative for Degiro in re to accounts for minors? Did Degiro U turn again after your last post? thanks
 
pcrowley said:
Well is seems grumpy DEGIRO is back, they want rid of my 2 children. Has anyone spotted reasonable brokerage options for under 18s available to Irish residents?
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Interactive Brokers has a family account structure. I know someone setting up same for son and daughter.
 
Just open an account in your own name and draw-up a bare trust documents to reflect the fact that it’s not your money
 
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