Best children's bank accounts in Ireland — from savings to current accounts
Financial basics · 12 September 2024Team Revolut
It's official — your baby has grown up and is begging for money to go to the cinema. Before you know it, they'll be taking out a mortgage. What better time to start teaching them how to manage their finances independently?
But chances are you're not quite ready to let them fly free with their weekly allowance. This is where kids' bank accounts come in. These provide a safe space where they can learn to spend and save, while still keeping you in control.
There are lots of options out there for children of all ages, whether they're just learning to count pennies or starting their first job. In this guide, we'll give you a tour through some popular Irish bank accounts for kids and teens, from traditional current and savings accounts to digital alternatives like Revolut <18.
Best current bank accounts for kids and teens
To kick things off, let's have a look at some current accounts for kids in Ireland. We'll go over each one in more detail, but here's a quick comparison to get you started.
Account | Ages | Monthly fees | Features |
6–17 | None |
| |
7–15 | €2–4 per child | ||
12–17 | None |
|
Revolut <18 — for ages 6 to 17
The first account on our list is actually not like your typical current account for kids. Unlike traditional banks, Revolut is an online bank in Ireland that's entirely app-based, which opens up extra features that high-street banks don't generally offer. Over 3 million families worldwide already use Revolut, and it's quickly becoming a popular option.
Revolut <18 is a subaccount that's linked to your personal Revolut bank account, so you can sort out your family finances right in one place. If you don't already have a personal bank account, you can open one for free by downloading the app and then sign up for <18 right from your phone — no need to visit a branch. . There are no monthly fees on the Standard plan, and none for setting up or maintaining one <18 account.
Unlike some providers, Revolut offers a kids' version of the app. And let's be honest — if there's one thing Gen Alpha loves, it's a good app. With a user-friendly and eye-catching design, they can safely send payments to other kids on Revolut <18, track their spending, and more.
The app comes with fun features like Revolut <18 Earn, where you can set challenges for your child (like household chores) and determine earnings for completing them. That'll get them motivated to clean their room.
For savings, they have Pockets and spare change round-ups. Pockets is a feature that lets your child create and customise savings compartments. These are like separate piggy banks within their account, where they can save towards specific goals. With spare change round-ups, your kid's card purchases are rounded up to the nearest whole number, and the difference is automatically saved in the Pocket you choose.
Soon, your kid will be able to earn interest on their savings with Revolut <18. Keep checking back for the latest updates.
You can order a Revolut <18 card for your child, and they can even customise their card design for a small fee. They'll also earn cashback rewards when they shop from listed brands in-app with their card. Once they turn 16, they can link their card to Apple Pay and Google Pay for more independence.
Their account is protected by advanced security features designed for minors, with blocks on gambling, cigarettes, and alcohol. For extra security, your child will only be able to send money once they turn 16 and only to other Revolut <18 peers.
And of course, you're always in control. Right from your app, you can set spending limits, freeze their card, set up trusted contacts for transfers, and more. This account is one that both you and your kid are likely to love.
An Post Money Mate — for ages 7 to 15
An Post Money Mate is a kids' current account that you can open for €2 a month per child if you're already an An Post customer, and €4 if you're not. This monthly fee covers most electronic payments in the Eurozone, but additional fees apply for transactions like ATM withdrawals.
This account gives your kid access to a contactless debit Mastercard that they can use in shops or online, and they can track their spending in their own app. It also comes with features that'll teach them to save, like spending categories called Jars.
As their guardian, you can set spending limits, get transaction notifications, and freeze their card whenever necessary. Keep in mind that some features, like regular allowances, are only available for An Post Money Current Account customers.
PTSB Teen MyCash Account — for ages 12 to 17
PTSB's Teen MyCash Account is a straightforward current account for pre-teens and teens. There are no maintenance fees and no additional charges for euro transactions like direct debit, cash withdrawals, and debit card purchases.
One interesting feature that this account offers is emergency cash withdrawals. If your child loses their ATM card, they can withdraw up to €100 from any PTSB ATM. They can also link their card to Apple Pay or Google Pay, and download the PTSB mobile app to check their balance on the go.
Plus, your child will earn interest on balances up to €20,000, but keep in mind that interest rates aren't as high as the ones they would get with a savings account.
Best children's savings accounts in Ireland
Fostering independence is great, but maybe you feel your child is still too young for a current account. If you just want to encourage them to set aside part of their birthday cash, a savings account might be the way to go. They won't be able to use these for transactions like card payments or money transfers, but they're great for earning interest.
Let's go over some popular options to set you off in the right direction. But first, here's a quick glimpse at the savings accounts we've got on our list.
Account | Ages | Account type | Interest rates | Minimum balance | Interest calculated | Interest paid |
7–11 | Instant access | 3.02% AER variable (3% gross) on balances up to €1,000 0.25% AER/gross variable on balances over €1,000 | €0 | Daily | Twice a year | |
12–17 | ||||||
Under 12 | Instant access | 2.51% AER variable (2.50% gross) on balances up to €5,001 0.25% AER/gross variable on balances over €5,001 | €1 | Daily | Twice a year | |
12–17 | ||||||
Under 12 | Instant access | 1% AER/gross variable on balances under €20,000 0.01% AER/gross variable on balances €20,000 and over | €0 | Daily | Yearly |
AIB Junior / Student Saver Account — for ages 7 to 17
Allied Irish Banks (AIB) offers two very similar instant-access savings accounts for children and teens: the Junior Saver Account and the Student Saver Account. The main difference is that Junior Saver is for children ages 7 to 11, whereas Student Saver is for teens ages 12 to 17. Your child will automatically transition from Junior to Student Saver when they turn 12, and you'll need to be with them when they apply if they're under 16.
Interest rates are the same for the Junior and Student Saver Accounts. Your child will earn 3.02% AER variable on balances up to €1,000, and 0.25% on balances over €1,000. Interest is calculated daily and paid twice a year in April and October. Remember, your child will need to pay Deposit Interest Retention Tax (DIRT) on their earnings.
EBS Children's / Teen Savings Account — for ages 17 and under
Like AIB, EBS offers two savings accounts for kids and teens, each designated for a different age range. Their Children's Savings Account is for kids under 12, and their Teen Savings Account is for ages 12 to 17. These accounts are for personal customers only, and you can open a maximum of one account per child.
Both of these accounts offer 2.51% AER variable on balances up to €5,001, and 0.25% AER variable on balances over €5,001. Since the maximum balance is relatively high, this option might be interesting if you plan to keep larger amounts of money in the account. Your child will also get bonus interest of €20 if they keep a minimum balance of €50 for 6 months after they open the account.
PTSB Children's Safari Saver Account — for ages 12 and under
PTSB's Children's Safari Saver Account is designed for children under 12, but your child can continue to use it after the age of 12. It offers 1% AER variable on balances under €20,000, and 0.01% on balances €20,000 and over.
While these interest rates are lower than those for other accounts we've covered so far, its maximum balance is much higher, which means your child may get more out of their money in the long run if they're saving large amounts. Interest is paid once a year, so it's better suited for long-term savings goals.
This account also features various ownership options. If your child is 7 or older, you can choose between opening the account in your name or theirs, or you go for joint ownership with both of you teaming up as account holders.
Revolut <18: a digital account for kids and teens
Ready to empower your kids with just the right amount of financial freedom? Sign them up for Revolut <18 and manage your family's money all in one place.
With everything from their own custom debit card to in-app savings tools, they can start taking ownership of their money early on. You decide what they're ready for, with customisable parental controls and spending insights that keep you in the loop.
Join 3 million families worldwide who trust Revolut and set your kid up for success.
