Deposit a money gift on an account
The fastest way of giving money as a gift is simply by means of a phone number on OP-mobile or with the Siirto payment on Pivo. You can congratulate the graduate in the transfer’s message field. You don’t need the receiver’s bank or account details, and the money will be immediately on the receiver’s account even if the account were with another bank. Please note that the recipient needs to have enabled Siirto payments.
If you know the recipient’s bank account number, you can also send the money by means of a credit transfer. Don’t hesitate to ask for the recipient’s bank account number when you wish to give money with a credit transfer.
Mutual funds as a gift
A mutual fund gift is a flexible and convenient option. In practice, you will send a sum of money to the recipient by means of a credit transfer, for example, and state in the message that the money is to be used for investing in funds. The recipient then visits a bank to select the fund where the money will be invested. You can encourage regular saving by giving a mutual fund gift on special days such as birthdays.
Shares as a gift
By giving money or shares as a gift, you are also encouraging the recipient to start saving and investing. In the future, this gift may accrue significant interest. A share as a gift may be selected to suit the recipient’s interests, as this may encourage them to learn more about investing.
To be eligible to receive a share as a gift, the recipient must have a book-entry account or an equity savings account for keeping the shares. You can open an book-entry account on the op.fi service and an equity savings account on OP-mobile. It’s not possible to directly buy a share in another person’s name, so a share is not exactly suitable as a surprise gift.
There are two methods for giving shares as a gift:
- By transferring a sum of money into the recipient’s account, with which they will themselves purchase shares into their book-entry or equity savings account.
- By donating a share you own to the recipient’s book-entry account via a deed of gift.
Preparing a deed of gift
The deed of gift must indicate the following:
- the personal information of the recipient and donor (name, address, personal ID code and book-entry account number)
- donation information (type of asset, sum and the total value of the gift)
- date and signatures.
In addition, the deed of gift may include an exclusion of marital right. This means that the marital right of the recipient’s spouse is excluded for the donation. In this case, you will require two competent witnesses and their signatures to be added to the deed of gift. If the recipient is a direct descendant, the deed of gift may include a mention stating whether the donation should be considered as an advance on inheritance or a donation.
Instruct the recipient to send the deed of gift to their own OP cooperative bank.
ASP deposit as a gift
Is the recipient saving for a home? One good gift option is a deposit on the recipient’s ASP account, which will help make his/her home savings grow.
Unit-linked insurance as a gift
You can also give a unit-linked insurance as a gift. You will then take out the insurance in your name and mark the recipient as the beneficiary. Alternatively, you can take out a unit-linked insurance with a power of attorney, directly in the recipient’s name.
Give a piece of Finnish OP as a present
OP owner-customer membership is a valuable and unconventional gift that keeps on giving. You can transfer the necessary amount easily, for example on OP-mobile or with the Siirto payment on Pivo. Congratulate the graduate in the transfer’s message field and explain that the money is meant for an OP owner-customer membership.
An owner-customer membership includes numerous benefits and it also entitles you to contribute to the decision-making of your local cooperative bank and to take part in developing the bank and its services.