Can i put 5k into deposit account

P

Pablo74

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My girlfriend is getting 5k from her mother for our wedding. Her mom wants to give her the money now, the wedding is not on for another 12 months. Can she put the lot into her BOI deposit account or are there limits. She rang her bank but no one got back to her so i said i would ask on here.
Thanks
Pablo
 
There should be nothing stopping her lodging that amount as far as I can see unless the terms & conditions have something odd in them. Lodgements of c. €13K+ may trigger money laundering questions as per the legislation on such matters.

She should make sure that she's getting the best possible rate of interest on such money. See the Financial Best Buys forum and www.itsyourmoney.ie lists of the best accounts on offer and the many existing threads on mixing and matching multiple accounts to maximise interest returns.
 
Yes she can. Banks aren't known for refusing deposits unless they're very large amounts and the T&Cs don't allow it.

BOI don't have any decent 12 month deposit accounts so she'll get a better rate by going elsewhere.
 
If the wedding is 12 months away get the best rate of interest. Doubtful if BoI is the best. Halifax give 5.6% fixed for a year on amounts over €2,500.
 

Is there Tax implication for Receiving this lump Sum?
 
Probably not. The gift tax exemption on gifts from a parent to a child is €500K+ (cumulative).

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