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 Catholic 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 name of the adult, with child’s name noted.
For children between 7 and 12 you usually have three options for the account – it can be

  • a) in the name of the adult, 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

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.


Ulster Bank has an account for children under the age of 11. They get a free Henri moneybox to save up odd change in-between visits to the bank. Interest is  0.95% AER. They also have an account for ages 12 to 17 with the same interest rate.o maximum balance.


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 .


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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 .


PTSB pay 0.01% on their Safari Saver account . Which is the worst rate available – hardly worth a mention really.



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  March 31st 2021

See Other Interest Rates on Savings Accounts