Bank of Ireland launches kids account
Bank of Ireland has launched a new current account designed for children and young teens between the ages of seven and 15.
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Family or friends can lodge money directly into the 'Smart Start' account and, uniquely in the Irish market, parents/legal guardians can set up an account for each of their children for free.
The account, which is owned by the parent/legal guardian, comes with extensive parental controls and safeguards, including spend limits and alerts, as well as access to Bank of Ireland's 24/7 fraud team.
There is no monthly fee, the child has access to their own app and debit card, and deposits can be made online and in 1000 locations across Ireland, including Bank of Ireland branches and An Post locations. Customers can also open a 'Smart Start Money Pot' as part of their application. This is a separate deposit account managed by the parent/legal guardian, with a variable interest rate of 2.0% AER.
Susan Russell, CEO Retail Ireland, Bank of Ireland says: 'We designed the Smart Start Account so children and young teens can learn real-life money skills and build good spending and saving habits.
"We want to safeguard children from the increasing threat of fraud, so we included extensive protective features to enhance their financial wellbeing, including access to our 24/7 fraud helpline.'
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