Banking institutions have always designed products aimed at the different needs of their users, and mostly when looking at the list of requirements the “must be over 18” stands out. But since a few years ago, banks have been diversifying their products, among which the bank accounts for children stand out.

What is a children’s bank account?

They are banking products designed for the youngest members of the household. They can be seen as an ally for parents who seek to inculcate and educate their children in values for the future, among which financial responsibility is highlighted by teaching them practical money management skills.

Its operation is essentially similar to the basic principle of an adult account, with certain conditions. Among these conditions, it can be emphasized that these accounts are mostly commission-free but offer profitability. In this way, children are inspired by the importance of saving for the future.


Benefits of a bank account for children

Parents will agree on the importance of teaching their children financial responsibility even at a young age. Therefore, this type of account can be an excellent educational tool for financial concepts. It also helps the child learn and control money management skills.

While it may seem overwhelming to open such an account for a child in some cases it may feel like letting go. The reality is that this type of account teaches the child to save and budget from a young age, giving them some independence while managing their funds.

Bank accounts for children in Ireland

The main Irish banking entities, understanding the interest of parents in the financial education of their children and their concern to prepare them to face the future, have offered in their product portfolio children’s accounts, attracting with them those parents interested in providing a financial cushion for their children.


These accounts are a product generally exempt from commissions, without many opening requirements and offering remuneration. One of the general and common characteristics of all banks that offer these accounts is that they are all savings accounts that will receive interest as the capital of the account increases.

The banks that offer bank accounts for children in Ireland are:

  • Bank of Ireland with its GoalSaver and Childsave short-term accounts and its medium and long-term account: Invest for the Future. 
  • Permanent TSB with its Safari savings account for children.
  • Ulster Bank with Urfirst children’s savings account.
  • AIB Bank with Junior Savings Account and Student Savings Account.

Bank of Ireland

With its iconic Ollie the Owl, the character with which the bank associates its children’s accounts, Bank of Ireland helps in the planning of future financial independence offered to parents seeking the best for their children, always with the conviction that these accounts will be the best gift for children that can be given to them.

GoalSaver Account

It is a flexible and easy-to-use account to take those first steps with financial institutions. It is a visible online account and as the account balance increases, you receive more benefits in the account. 

Childsave Account

It is an account in which you can save from a minimum of £20 per month or up to a maximum of £500. You can withdraw money from the account once a month without penalty.

Invest for the future

It is the maximum level offered in Bank of Ireland children’s accounts. It is a long-term option where a larger balance can be deposited with the opportunity for a higher return.

All three accounts can be easily applied for by booking an appointment at any of the branches or from the bank’s website. The accounts are opened in one’s name with the child’s name noted on the account. The bank also offers a package of fun activities for the child with Ollie the Owl and a guide for parents and guardians. 

Permanent TSB

With its slogan “Watch your money grow with you,” Permanent TSB offers the Safari Savings Account for kids that allow children to save for themselves. You will receive annual statements that show in detail what the account has earned.

There are two ways to open this account:

  • For children under the age of 7, it must be opened in the name of the parent or responsible guardian with the child’s name listed on the account.
  • For children between the ages of 7 and 12, it can be opened in three different ways:

In the name of the responsible parent or guardian with the child’s name listed on the account, in the name of both the parent or responsible guardian and the child, and in the child’s name only.

Only proof of identity of the parent and child, proof of PPSN of the responsible adult, non-Irish tax residence details, if required, of the responsible adult, and proof of address of the child must be provided.

Ulster Bank

Ulster Bank offers Urfirst, its account for children. It is a free account with instant and easy access for children under the age of 16. This account is available to children under the age of 16 residing in the UK, subject to certain conditions and terms that apply.

It can be opened with £1 and if children are between the ages of 7 and 15 they can open the account themselves, with the consent of their parents or responsible guardians. In the case of children aged 0 to 11, the account can be opened via telephone and only the responsible adult can operate the account, which will be an account held in trust.

If the child is between the ages of 7 and 15 the account can be opened via telephone with the consent of the responsible Parent or guardian, but the account can be operated only by the child. 

AIB Bank

Under the precept that “learning to save money can be a lesson for life,” AIB Bank also offers its options for the youngest members of the household. With its Junior or Student Saver accounts, children can save as much money as they want and have easy access to their money.

Junior Savings Account

This account is designed for children between the ages of 7 and 11. Designed to promote the habit of saving in children, this account allows deposits of any amount at any time

Student Saver Savings Account

It is an account for teenagers from 12 to 17 years old. It is an account with no minimum or maximum deposit limits. You will enjoy more competitive interest rates on balances over $1,000.

These accounts also offer flexibility when making a withdrawal at any time. Users of these accounts may only open a Junior or Student Saver account in their name. These accounts do not offer AIB debit cards.

Children’s bank accounts have become an excellent ally for responsible adults and have become a very good bridge between present and future dreams, allowing children to feel the responsibility and value of managing their money through these accounts.