Financial gift for new grandchild

[ATC110]

I’m looking for ideas for a financial gift to a new grandchild circa €500, which won’t have tax implications for the child and the parents cannot access.

Would be grateful for any suggestions.

 

[RedOnion]

You can gift 3000 in a year to anyone without any tax implications for them, so you should be fine on the tax front.

You could open a bank account yourself, with the child as beneficial owner, but it means you're the only person that can transact in the account until the child us about 12. Handy if you wanted to occasionally pop in extra money, and it's nice an simple.

Another idea might be to get them a solid gold coin for the year they are born. I've considered doing this for my nieces / nephews. Something that's enough to eventually be used for wedding bands, but it can readily be converted to cash if they need it.

 

[POC]

Prize bonds are a common gift for a new baby

 

[DeeKie]

Shares is a nice idea.

 

[Laramie]

I purchased Prize Bonds for mine. Unfortunately nobody has any idea where the Prize Bond Certificates are. I would have the same thought if buying a gold coin.

My own grand daughter has a bank account with BOI that she cannot access. Her local branch no longer has cash transactions and they won't give her a card on her account because she is under age, so she cannot access via an ATM either.

 

[TheManWho]

Shares is a nice idea.

Is it possible to buy shares in a baby's name?

I am looking into doing this, but wondering if I need to open a trading account in my name (with an online trader?) and buy the shares. I would be looking to buy relatively small amount of shares each year until they are 18.

 

[elcato]

This is not an attack on anyone here least of all the OP but I think gifting a grandchild such a sum at this stage is pointless. It may or may not be worth a few bob in 20 years time when the kid has grown up and starts even caring. Unless you get lucky it will lie dwindling somewhere. Much better to give it to the parent(s) now to let them get something that will be useful now or even if they spend it on a holiday for themselves so what. At least the full value will be realized. Just my opinion.

 

[Steven Barrett]

Why don't you want the parents to have access to the funds?

 

[TheManWho]

This is not an attack on anyone here least of all the OP but I think gifting a grandchild such a sum at this stage is pointless.

Personally I was planning to give them the funds/shares when 18/21.

It may or may not be worth a few bob in 20 years time when the kid has grown up and starts even caring. Unless you get lucky it will lie dwindling somewhere.

S&P500?

Much better to give it to the parent(s) now.

If someone wanted to do that they wouldn't be on here asking how to gift it to the child. So not sure how this entire post helps in any way? Sounds quite negative to be honest.