Children's bank accounts

houseyhouse

We'd like to open bank accounts for our kids but we're having a hard time finding one that does what we want. We want to deposit their pocket money and let them have access to it themselves. Our kids are aged between 7 and 10. Has anybody found a kids bank account where: (1) parents can deposit pocket money regularly by direct debit; (2) kids can withdraw the money themselves in person (with a bank card, account book, or by going in to a branch); (3) kids are not required to use an app to access their account (An Post seems to require this). Thanks!

Millem

My eldest has a credit union account. Both of my sons also have a boi savings account. It had the highest interest rate at the time.

I would have thought most children's accounts fit that profile?

When you say 'direct debit', an automated payment between two personal accounts would need to be a standing order instead, so if you've asked around about direct debits and banks have said 'no', don't worry about that because it's a standing order that you need.

When you say you want the kids to be able to withdraw themselves "with a bank card, account book, or by going in to a branch" - do you need any one of these or all three? Because I think most places have done away with account books for kids, and I think there are legal age limits on debit cards, so it really would only be going to a branch that would be an option.

So, I do think most banks will do what you're looking for. Just because it's the bank I'd know best, I'd mention that AIB have a 'Junior Saver' account. This is for 7-11 year olds, and they can withdraw money themselves in-branch. When they turn 12, it automatically upgrades to a 'Student Saver' account, which is very similar.

Wheety

Our daughter has a CU account. She can withdraw money from the age of 7. We have to do it before then. Not a current account though so no card.

Tombo2001

The only place that will let kids have a card is Revolut as far as I am aware. I rang AIB about it, they dont offer the card. Their service for children doesnt seem to have changed much since I was a kid.

feelings

Revolut Junior is probably a good option.

houseyhouse

Thanks all. We got them BOI accounts earlier in the year but it's been a bit of a saga. I brought them into the branch and was told that only their dad could take out the money because he's the one who set up the accounts with them (they're all between 7 and 11). After hours on the phone and in the branch over the next couple of weeks, it turns out that the staff in the bank branch just don't understand the rules of these accounts and the kids should be able to take money out themselves. If we keep having problems with BOI, we'll definitely look at moving to another bank/credit union.