Bank of Ireland introduces youth account with built-in safety and savings

Uniquely in the Irish market, the account can be opened by parents or legal guardians free of charge, with the option to set up a separate savings pot that earns 2.0% AER interest. Parents maintain ownership of the account and can set spending limits, receive alerts, and freeze the debit card if necessary. Fraud prevention is also a priority: the account restricts standing orders, direct debits, and credit transfers, while offering 24/7 access to the bank’s fraud team.

Balancing independence with oversight

Children receive their own Visa debit card and app, allowing them to make purchases and track spending independently within the constraints set by their guardians. Transactions are visible to parents through Bank of Ireland’s digital banking system, ensuring transparency and security.

According to the bank’s research, 69% of parents worry about potential fraud on their child’s account, and 72% believe access to round-the-clock fraud support is essential. The Smart Start Account addresses these concerns while offering a real-world tool for teaching kids about personal finance.

Supporting a financial head start

The account is available to customers in the Republic of Ireland and supports deposits from family and friends through 365 Online or over 1,000 physical locations. As digital payments become the norm, the Smart Start Account reflects a growing demand for early financial education—with safety features tailored for the digital-native generation.