Bank of Ireland launches ‘Smart Start Account’

Bank of Ireland’s Susan Russell with children celebrating the launch of the bank's new Smart Start Account for young savers

Pictured is Susan Russell, CEO Retail Ireland, Bank of Ireland, with Corey (8), Noa (9), Emma (13), Emma (13), Robyn (8), and Marvin (8) at the launch of Bank of Ireland’s new Smart Start Account.

  • Parental controls and 24/7 fraud protection to safeguard children
  • Parents/legal guardians can set up an account for each of their children for free
  • Family and friends can lodge directly into the account
  • Debit card and app for the child, easy cash lodgements, no monthly fee

 

19 June 2025: Bank of Ireland has launched ‘Smart Start Account’, a new current account designed for children and young teens, with a savings option to help encourage good financial wellbeing habits. Family or friends can lodge money directly into the 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. Research* indicated that 69% of parents would be concerned about fraudsters targeting a bank account they held for their child and 72% think it would be a good idea for their child to have 24/7 access to the bank’s fraud support team.

Smart Start Account is available to new and existing Bank of Ireland customers who are a parent/legal guardian of a child aged 7-15 and resident in the Republic of Ireland. The child must be living with the parent/legal guardian on a full time or part time basis. There is no monthly fee, the child has access to their own app, and lodgements can be made easily through 365 Online and in 1000 locations across Ireland. 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 (subject to DIRT)**.

Susan Russell, CEO Retail Ireland, Bank of Ireland said: “We designed the Smart Start Account so children and young teens can learn real-life money skills and build good spending and saving habits. 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.

“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. I know my children will love having a card like their Mom and Dad’s as well as being able to track their spending and saving on their own App.

“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. 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.”

Smart Start Account features and benefits include:

  • Debit card and app for the child – Visa debit card for your child that can be used in shops and online within set limits, and they can track their spending and saving on their own App.
  • Parental controls and oversight – Parent/legal guardian owns the account and has full visibility of transactions. Spend limits – you can decide what daily limits to set on the card and you can change these limits by contacting our Contact Centre. You can receive spend alerts and freeze the card at any time.
  • Fraud protection:
    • 24/7 access to Bank of Ireland fraud team
    • No standing orders or direct debits may be set up on the account.
    • No credit transfers to third parties may be made from the account.
    • 3D Secure – extra security that helps stop someone else using your child’s card information to buy things online.
    • Daily spend limits promote responsible spending while providing freedom.
    • Maximum balance – €10,000
  • No monthly fee – Free access to the account services your child needs to build their money skills. Some charges may apply for international and foreign currency transactions.
  • Digital banking – Easily keep track of your child’s spending activity from your 365 Online profile, and step in if needed.
  • Easy lodgements – Lodgements through 365 Online mobile app (if you have another personal account with us registered for digital banking) or in over 1000 locations, including Bank of Ireland branches and An Post locations. Payments can also be made from any other account directly to the Smart Start Account or Smart Start Money Pot, so all family and friends can contribute directly to the child’s account.
  • Savings option – Smart Start Account holders can also open a Smart Start Money Pot as part of their application for a Smart Start Account. Variable interest rate of 2.0% AER (subject to DIRT)**.

ENDS

Note for editors:

  1. *RedC Omnibus, May 2025
  2. **AER (Annual Equivalent Rate). This rate is quoted based on a 365-day calendar year. The maximum balance allowed in the Smart Start Money Pot is €5,000. Interest is subject to Deposit Interest Retention Tax (DIRT) at the prevailing rate. There are no fees for maintaining a Smart Start Money Pot.

Website link – Smart Start Account & Smart Start Money Pot.