Bank of Ireland Now Paying 2.5% for Children's Savings Account - max €5,000

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4,862
Bank of Ireland have increased the credit interest rate from 0.25% AER variable to 2.50% AER variable for customers who are aged up to 13 who have a Young Savers 'Current Account'.

Maximum balance 5,000 EUR. More here.
 
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4,862
Yeah, nothing substantial but in a near-zero-rate deposit environment it is better to a least get a small return than no return.
 

qwerty5

Frequent Poster
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257
So they are paying a maximum of €125 a year to attract young customers.

Brendan
Not quite. From that doc as soon as you go above €5000 you revert to 0.25%.
So if you'd €5000 in it for a year you're going to have €5125 after the year. So you'll go to 0.25%

So probably better to keep it at €4775 per year and take out the interest whenever it's applied.
 
Messages
4,862
Not quite. From that doc as soon as you go above €5000 you revert to 0.25%.
So if you'd €5000 in it for a year you're going to have €5125 after the year. So you'll go to 0.25%

So probably better to keep it at €4775 per year and take out the interest whenever it's applied.
You can keep the balance at €4,999 each day except the day before the interest payment.
 

Black Sheep

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2,211
I was surprised to find I could open one of these accounts for a child with no ID required. I am a parent but not the parent of that child.
 

Black Sheep

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2,211
This account is in the child's name so it's the child will be withdrawing and if he/she is 13 he has his own ATM card
 

RedOnion

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4,069
I was surprised to find I could open one of these accounts for a child with no ID required. I am a parent but not the parent of that child.
Correct me if I'm wrong, but are you saying you opened an account without providing ID for either yourself or the child?
 

Black Sheep

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2,211
I am an account holder there for many years so they have my ID. No ID required for the child, just DOB
 

RedOnion

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4,069
If the child is under 7, it's opened in your name, with the child's name annotated.

Not sure how they'd not complete ID checks if opened in the child's name.
 

RedOnion

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4,069
From the account T&C's:
"3.3 When the Account is opened by an adult for you , the money in the Account is held by
them for you ‘in trust’ until you are 7 years
old. "

I don't have one if these, but similar with AIB, and they operate the same way - I had to do the ID, but child gets statements. The account is in my name though until they're older.
 

Marobar1

Registered User
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18
Digging up an old thread here, but just wondering is there anything to stop me setting this up in my child's name and just closing the account and therefore withdrawing the funds when needed??
 

Black Sheep

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2,211
Hi Marobar. I don't think you can withdraw from these accounts as they are in the child's name. For me (as a grandparent) it is a way is helping them when they are older, perhaps college, year abroad etc. You can have the details, statements etc sent directly to them or to you complete with ATM cards.
I opened the accounts on line. Not sure if these accounts are still available
 
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