Bank of Ireland has introduced an innovative current account specifically tailored for children and teenagers aged seven to 15.
The ‘Smart Start’ account allows family members or friends to deposit funds directly, and notably, parents or legal guardians can open an account for each child at no cost, a first in the Irish market. This account, owned by the parent or guardian, includes robust parental controls and safety features, such as spending limits and notifications, along with access to Bank of Ireland’s dedicated fraud prevention team available around the clock.
There are no monthly fees associated with the account, and children receive their own app and debit card. Deposits can be conveniently made online or at more than 1,000 locations across Ireland, including Bank of Ireland branches and An Post outlets. Additionally, customers have the option to create a ‘Smart Start Money Pot’ during the application process. This separate deposit account, managed by the parent or guardian, offers a competitive variable interest rate of 2.0% AER.
Susan Russell, CEO of Retail Ireland at Bank of Ireland, stated, “We developed the Smart Start Account to empower children and young teens to acquire valuable financial skills and cultivate healthy spending and saving patterns. Our goal is to enhance their financial security in light of the growing risk of fraud, which is why we have included extensive protective measures, including access to our 24/7 fraud helpline.”