Low cost Stockbroking account for minors

C

Chopper1971

Registered User
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53
HI,

Just wondering if anyone would have advise on setting up a stockbroking account for kids - under 10.

I recently filled out the paperwork for Degiro but they wrote back to say they are not setting up minor accounts.

Just looking for low cost brokerage for putting small amount of money into S&P500 and a few stocks for 10 plus years.

Not looking at larger/more expensive options.

All feedback appreciated.

Many thanks,

Brian
 
Hi Brian,

Its not possible for a minor to enter into a contract, so no broker will open a account in their own name.

You can open it in trust for them. However returns are taxed as if the money is yours.

There's a few posts on it if you search the forum, particularly bare trusts.
 
Just open the account in your own name and give them the money in 10 years time. There is tax on the gains regardless. If it is a small amount, it may be under the €3k a year threshold. And guess what, people give kids/ other adults money gifts all the time and never declare it to the revenue. And the revenue know it too, not that I am condoning such acts. ;)



Steven
www.bluewaterfp.ie
 
SBarrett said:
Just open the account in your own name and give them the money in 10 years time. There is tax on the gains regardless. If it is a small amount, it may be under the €3k a year threshold. And guess what, people give kids/ other adults money gifts all the time and never declare it to the revenue. And the revenue know it too, not that I am condoning such acts. ;)



Steven
www.bluewaterfp.ie
Click to expand...

I have 2 kids and am wandering the best way to go about this.
I currently already have an account with Degiro and am wandering if they will let me open up 2 more accounts in my name but without telling them, they are for my kids.
or perhaps I will have to go to another online broker that will allow me to open 2 accounts?
I am thinking of LOW MAINTENANCE for 10 years, so an accumulating investment trust is probably the way to go?
Any other considerations?
 
Last edited:
Yes it's possible

You can have more than one account registered under the same Personal Details with a different username
 
moneymakeover said:
Yes it's possible

You can have more than one account registered under the same Personal Details with a different username
Click to expand...

Yes that’s exactly what I was able to do thanks... a bit time consuming as I had to go through the entire application process an additional 2 times, but worth it.
 
Great
I haven't done it yet myself
Can you send on first couple of steps?
Has to be on the website?
Not the phone app?
 
No I did it on the phone app. It’s actually designed for that as the process of taking photos of your passport and yourself is very simple on your mobile.

DEGIRO

DEGIRO
www.degiro.nl www.degiro.nl

First enter email. I use the same one for all 3 accounts. Also the same password for all 3.
I made the usernames for each of us reflect our real names.
Then verify your email and continue following the instruction. Quite simple really.
 
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