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 get 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 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 2%   on the first €1000 – then just 0.01% on anything over that. Ages 7 to 11 only.

EBS – Pay  1.75% 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.

State Savings Childcare Plus pays 0.98% – DIRT free. This is equivalent to 1.46% before tax You have to pay in a monthly amount for 6 years. Min monthly payment is €25 , max is €1000. The maximum balance €120,000

Ulster Bank has a  uFirst 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.

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

PTSB pay 0.15% on their Safari Saver account


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  Nov 2020

See Other Interest Rates on Savings Accounts