Welcome to our Young Savers Support Hub

Terms and conditions

These are the T&Cs that apply to Young Savers accounts:

These are the terms and conditions that will apply to the Young Savers accounts effective from 31 January 2025.

Summary of changes to terms and conditions:

1. Account operation and feature updates:
   • The account is a savings account, which means you will earn interest on any money in the account.
   • Debit cards for this account are no longer usable after the effective date.
   • Direct debits and standing orders cannot be set up.
   • The account cannot be used for day to day payment transactions.
2. Terminology change:
   • “Payments” are now referred to as “lodgements” and “cash withdrawals”. Lodgements can be made in-branch or online with the account’s IBAN. We recommended to have an adult with you for lodgements or cash withdrawals.
3. Cash withdrawals – cash withdrawals can only be made in a branch.
4. Online banking restrictions – you cannot withdraw money or set up direct debits or standing orders using online banking.
5. Services outlet usage – we’ve removed reference to using a Bank of Ireland payment card in a services outlet (like An Post offices) for cash withdrawals, as you cannot have a payment card on this account. You can only use a services outlet to lodge money to the account using a personalised lodgement docket.
6. Cheque handling – only cheques made out to you or the adult who opened the account can be lodged into the account.
7. Account change – we may need more information from you before we can change your account to a Second Level current account (or another suitable account) when you turn 13 years old. If we do not get that information, we will need to close the account.
8. Clause 4 update – references to “payments” and the applicable laws that regulate payment accounts have been removed. You can no longer set up direct debits or standing orders or make any payments using the account. The updated clause refers to “lodgements”, “cash withdrawals” and “transactions”.
9. Clause 7 update – references to “unauthorised transactions” with old cards have been removed. The clause confirms that we may rely on our transaction records if there are queries or disputes about transactions on the account.
10. Dispute resolution – disputes will decided by the courts in the Republic of Ireland, unless you live in a different country at the time of the dispute, and you want a local court there to decide. However, that court will have to apply Irish law.
11. Distance Marketing Directive removed – we’ve removed Distance Marketing Directive information as this account type is no longer for sale.