Savings Accounts for Children

Starting a savings account for a child is a good way of getting them in the habit of putting money aside for the future.

Every year at First Communion time thousands of children in Ireland are given cash gifts.  A recent survey found that the average amount was €463. This can be a good time to open a bank account for them.
Hopefully – with the help of parents – they will try and save some or all of the money instead of spending it all.

Some of the banks offer special savings accounts for children . To open an account for a child under 7 you will usually have to open it in the adult’s name, with the child’s name noted.
For children between 7 and 12 you usually have three options for the account – it can be

  • a) in the adult’s name, with the child’s name noted.
  • b  in the name of both the adult and the child
  • c)  in the name of the child only

Interest Rates on Savings Accounts for Children 2022

Allied Irish Bank  (AIB) has a  ‘junior saver’ account which allows a parent to open an account on behalf of their child.  They get an interest rate of 1%   on the first €1000 – then just 0.01% on anything over that. Ages 7 to 11 only.


EBS – Pay  1% with a maximum balance of €5000. Age 0 to 11 . They also have a teens account for ages 12 to 17 with the same rate and maximum balance rules.


An Post (State Savings) Childcare Plus account pays 0.63% – DIRT free.
This is equivalent to 0.94% before tax. You have to pay in a monthly amount for 6 years to get this rate. Minimum monthly payment is €25 , max is €1000. The maximum balance €120,000 .

Free Business Accounts

Bank of Ireland has Regular savings account for young Savers aged up to 12 . The account has an interest rate of 0.25% . The maximum balance is €5000 – but there is no minimum or maximum monthly deposit – so you could put €5000 in one go if you had it .




It should be possible to open any deposit acount in the name of a child – you don’t have to choose an account specifically for children – but in many cases the child accounts have better rates.

Credit unions are also worth considering for children.

Figures correct  June 2022

See Other Interest Rates on Savings Accounts