Bank of Ireland launches children’s current account with parental controls.
Bank of Ireland has launched a new current account specifically designed for children and young teenagers, featuring extensive parental controls and fraud protection measures.
The ‘Smart Start Account’ is available for children aged 7-15 and represents the first offering in the Irish market where parents can set up accounts for multiple children at no cost. The account comes with a savings option designed to encourage good financial habits from an early age.
“Supporting families in our communities for more than 240 years, we know how important it is to build a child’s financial capability in a secure way”
Research conducted by the Bank found that 69% of parents would be concerned about fraudsters targeting their child’s bank account, while 72% believe 24/7 access to fraud support would be beneficial for their children.
Learning real-life money skills
Susan Russell, CEO Retail Ireland at Bank of Ireland
“We designed the Smart Start Account so children and young teens can learn real-life money skills and build good spending and saving habits,” said Susan Russell, CEO Retail Ireland at Bank of Ireland.
“As well as having their own current account, our research showed that learning to save is valued by both children and parents, so we designed an account which provides both options.”
The account, which is owned by the parent or legal guardian, includes comprehensive safety features such as spending limits, transaction alerts, and the ability to freeze the card instantly. Children receive their own Visa debit card and mobile app to track their spending and savings.
Russell emphasised the security aspects of the new product: “As a parent myself, I value being able to safeguard my children, giving me peace of mind whilst also helping them start their journey of financial independence. Smart Start offers the best of both worlds – a safe way to introduce children to money, online banking and using cards with all the assurance of safety that comes from Bank of Ireland’s extensive consumer protections.”
The account includes several protective measures to prevent fraud, including 24/7 access to the bank’s fraud team, restrictions on standing orders and direct debits, and 3D Secure technology for online purchases. Daily spending limits can be set and adjusted by parents, while the account has a maximum balance limit of €10,000.
Family members and friends can make deposits directly into the account through the bank’s 365 Online platform or at over 1,000 locations across Ireland, including Bank of Ireland branches and An Post offices.
Account holders can also open a ‘Smart Start Money Pot’ savings account with a variable interest rate of 2.0% AER, subject to DIRT tax. This separate deposit account is managed by the parent or legal guardian to encourage saving habits.
“Supporting families in our communities for more than 240 years, we know how important it is to build a child’s financial capability in a secure way,” Russell added. “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.”
The Smart Start Account is available to new and existing Bank of Ireland customers who are parents or legal guardians of children aged 7-15 and resident in the Republic of Ireland. The child must be living with the parent or legal guardian on either a full-time or part-time basis.
There are no monthly fees for the account, though charges may apply for international and foreign currency transactions.
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