Smart Start – next steps

When you submit your application:

1. We’ll contact you and your child to let you know we are processing the application. The Smart Start Next Steps process takes up to 10 working days after you submit the application. (provided we have reviewed the full application successfully).
2. We’ll send your child a new debit card and PIN for their new current account.
3. We’ll send you a text to let you know when we have transferred any money to your child’s new Second Level current account, and Instant Access Demand if selected.
4. We’ll send you another text to let you know when the Smart Start Account/Smart Start Money Pot are closed.

Good to know:

• ✔ You and your child can continue to use the Smart Start Account, and Smart Start Money Pot (if you have one) during the application.
• ✔ We will not close the Smart Start Account/Smart Start Money Pot until we have transferred any remaining money to their new account(s).
• ✔ You should take out any money you don’t want to transfer to your child before submitting the Smart Start Next Steps application form.
• ✔ When the Smart Start Account closes, you will not be able to see any records in the app, like statements. You should download anything you need before you submit the application.
• ✔ If you don’t complete the Smart Start Next Steps process by the time your child turns 18 we will close the account(s).

With our Second Level current account, there are no fees for maintaining the account.

• View our Fee Information Document for Second Level current account – this informs you about fees for the main services linked to this account. It also helps compare these fees with those of other accounts.
• View our Glossary of Terms – this tells you in plain English the terms we, and all EU financial service providers commonly use for payment services.

There may be charges for things like Government Stamp Duty, and when you make international payments.

For details on the fees and charges on our Second Level current account, see our Schedule of Fees and Charges for Personal Customers and our Schedule of International Transaction Charges brochure.

These brochures are also available in any Bank of Ireland branch.

If your child does not want to open a new Bank of Ireland current account, or if they already have a current account in their own name with us or with another institution, you and your child do not have to complete the Smart Start Next Steps application process. However, you will still need to close the Smart Start Account/Smart Start Money Pot before your child turns 18.

To do this:

1. You will need to remove any money in the Smart Start Account/Smart Start Money Pot.
2. Once the balance in the Smart Start Account/Smart Start Money Pot balance is zero, you can request to close the account(s) online or in branch.

If your child already has a Bank of Ireland current account in their own name, you and your child do not have to complete the Smart Start Next Steps application process. However, you will still need to close the Smart Start Account/Smart Start Money Pot before they turn 18.

To do this:

Your child can transfer any money themselves to their existing sole current account in-app:

1. They can transfer money from the Smart Start Account/Smart Start Money Pot into their Bank of Ireland current account using the ‘Transfer between my accounts’ option in the “Payments” section.
2. Once the balance in the Smart Start Account/Smart Start Money Pot balance is zero, you can request to close the account(s) online or in branch.

If you have a Bank of Ireland current account, you can do this yourself:

1. Transfer money from your Smart Start Account/Smart Start Money Pot into your Bank of Ireland current account.
2. You can transfer any money you want your child to have by setting up an electronic payment. Add your child’s existing current account as a payee in the “Payments” section on the app.
3. Once the balance in the Smart Start Account/Smart Start Money Pot balance is zero, you can request to close the account(s) online or in branch.

Alternatively, we can support you and you child with the transfer of money and closure of accounts in branch.

No, the Smart Start Account and Smart Start Money Pot are only available to children to use up to age 18. Once your child turns 18, as they are an adult, they can open an account in their sole name.

You’ll find additional information for supporting an adult with managing their account on the extra help section of our website.

That’s fine, as the parent/legal guardian the money in the Smart Start Account/Smart Start Money Pot belongs to you. Simply transfer money out of the Smart Start Account/Smart Start Money Pot before you begin the application to move your child to their own current account.

Your child will become the legal owner of any money that is transferred into your child’s Second Level current account, or Instant Access Demand if selected.

You can still complete the Smart Start Next Steps Process with your child as long as your child is Resident in Republic of Ireland.

If you wish to cancel your account within your 14-day cooling off period, you can use our online withdrawal function. You will find this at boi.com/withdrawal along with further information on the steps required. You can also cancel the contract by sending a notice in writing to Bank of Ireland 365, P.O. Box 365, Dublin 24 quoting details of the account.