# Degiro is closing my child's minor account



## pcrowley (25 Jan 2021)

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?


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## AndroidMan (25 Jan 2021)

I did not know such a thing was possible. I thought you had to be over 18 to hold and account


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## moneymakeover (25 Jan 2021)

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.


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## pcrowley (26 Jan 2021)

AndroidMan said:


> I did not know such a thing was possible. I thought you had to be over 18 to hold and account


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.


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## SPC100 (26 Jan 2021)

Maybe you can take on their positions, if it is not that large


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## jpd (27 Jan 2021)

Stocks can usually be sold in a matter of seconds - unless they are holding some exotic stocks that are traded infrequently and erratically


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## pcrowley (27 Jan 2021)

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.


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## pcrowley (3 Feb 2021)

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"


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## qwerty5 (3 Feb 2021)

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.


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.


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## pcrowley (4 Feb 2021)

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).


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## pcrowley (29 Jul 2021)

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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## Hayman (20 Jan 2022)

@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


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## Nordkapp (20 Jan 2022)

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?


Interactive Brokers has a family account structure. I know someone setting up same for son and daughter.


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## cloughy (20 Jan 2022)

Deleted post


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## Gordon Gekko (20 Jan 2022)

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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## Olunix (13 Feb 2022)

Gordon Gekko said:


> 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


Who draws up a bare trust document? Can you diy it?


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## Gordon Gekko (13 Feb 2022)

Yep, just draw it up yourself.


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