AIB won't allow Fixed Term Deposit for Under-18

Can anyone explain why this is? Is it prevented by law?

Essentially it is discriminatory against children with savings. They cannot avail of the higher interest rates available on fixed term deposits.

The rates on youth savings accounts are pitiful by comparison.

I'm minded to complain to the FSO but don't want to waste my time.

At a guess I'd say to do with under 18s can't enter a legal contract, BofI have same rule so it's probably same for all.

Monbretia said:

At a guess I'd say to do with under 18s can't enter a legal contract, BofI have same rule so it's probably same for all.

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Under 18s can enter into some contracts, that are deemed necessary. An employment contract would be an example. Guessing fixed rate savings accounts don't fall into that category.