Features & Benefits
How will the Smart Start Account benefit me as a parent/guardian?
- Smart Start Account – Smart Banking for your child’s everyday needs. Give your child a safe and simple way to manage day to day money. The Smart Start Account is specially designed with built in safeguards to help protect you and your child while they learn about managing money. With a maximum balance of €10,000 and account restrictions like no standing orders, direct debits or third-party transfers, you can have peace of mind while your child learns how to bank responsibly.
- Debit card for kids – You will get a Visa debit card for your child that can be used in shops and online within set limits.
- Parental controls and oversight – As the parent/legal guardian, you own the account and have full visibility into how your child is using it. Easily keep track of your child’s spending activity from your 365 online profile, and step in when needed – you are in control – including the ability to freeze the card at any time, transfer money in, and receive spend alerts.
- Spend limits – At application you can decide what daily limits to set on the card. You can change these limits at any time by contacting the BOI Contact Centre.
- No monthly fee – Access to the simple, smart account services your child needs to build their money skills from the start. Some charges may apply for international and foreign currency transactions.
- Easy lodgements – Boost the account balance for your child with lodgements through the 365 mobile app (if you have another personal account with us registered on digital banking) or in over 1,000 locations, including Bank of Ireland branches and An Post offices. You can also make payments from any other account directly to the Smart Start Account or Money Pot, so all the family, grandparents and friends can play a part in contributing to and celebrating the child’s financial learning journey.
- Fraud protection – Our fraud helpline is available to help protect you against fraud 24 hours a day, seven days a week.
How will the Smart Start Money Pot benefit me as a parent/guardian
- Saving option – Smart Start Account holders can also tick to open a Smart Start Money Pot as part of their Smart Start Account application. The Smart Start Money Pot is a deposit account. It comes with an interest rate of 2.0% Variable 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.
Managed by you the parent/legal guardian, it has been created so that you can help your child learn how important savings habits can be. With you as their guide, encourage them to save small amounts for the things that matter to them like a new toy or tech.
How will the Smart Start Account and Smart Start Money Pot benefit my child?
- Age specific – Smart Start Account is a bank account specifically designed to empower kids and young teens (aged 7 to 15) to learn basic spending and saving skills.
- Debit card for kids – They’ll receive their own debit card (with their name on it), to use in shops and online. Perfect to help them practice their money skills in the real world.
- Access to online banking – Help your child build smart money habits with 365 online. With their own 365 online profile – accessible for their own device and yours – they can track their spending, see their savings grow, and stay on top of their transactions. Plus, our useful Mi365 money insights gives them helpful tips and guidance to support their financial confidence and wellbeing.
- Spend limits – Daily spend limits and daily cash withdrawal limits that you set promotes responsible spending while providing them with significant freedom.
- Cash lodgements and withdrawals – With your guidance, any cash gifts they receive can be lodged in over 1,000 locations, including Bank of Ireland branches and An Post offices. They can also withdraw cash (to the value you have set) through an ATM, or in any Bank of Ireland branch or at any An Post office (when accompanied by a parent).
- Celebrating milestones – Grandparents, aunts, uncles and friends can lodge money directly to their Smart Start account to celebrate milestones like birthdays.
- Smart Start Money Pot – If you avail of this separate deposit account, with you as their guide, children will learn the value of saving and you can encourage them to save small amounts for the things that matter to them like a new toy or tech. To find out more, view our Customer Information Sheet.
A smooth transfer to independence
When your child turns 16, they are eligible to open a current account in their own name. Bank of Ireland will help you and your child take the next step on their journey to greater financial independence. We will support you and your child to open a new Second Level current account in the child’s sole name and transfer any funds you wish to give your child into that account and we will then close the Smart Start Account. If you have availed of a Smart Start Money Pot, we can also assist you in opening a savings account in your child’s sole name and will transfer the balance from the Smart Start Money Pot into the savings account before closing the Smart Start Money Pot.
Apply Online Now