Smart Start Account

FAQs

• What is the Smart Start Account?

  The Smart Start Account has been designed specifically to empower kids and young teens (aged 7 to 15) to learn basic spending and saving skills. The account is available to open by parents/guardians of children aged 7 to 15 and is a simple digital current account that puts you in control and gives you visibility on transactions. To encourage independence, the account comes with a Visa debit card for your child to use and the option for you to open a Smart Start Money Pot for their specific savings goals.

  The Smart Start Account is the perfect account to kick start your child’s financial literacy journey, inspire their financial confidence and instil positive money habits for life.

• Is there a monthly fee for the Smart Start Account?

  With a Smart Start Account, there are no monthly maintenance fees for maintaining the account and no individual charges for a range of current account transactions and services. There are a small number of services that may be charged for, such as using the debit card for transactions in a foreign currency. View charges for other transactions.

• What age child is the Smart Start Account most suitable for?

  This account is available to open by parents/guardians of children aged 7 to 15.

• My child is 16 years of age. Can I apply for a Smart Start Account for them?

  No, this account type is not available to open for a child who is aged 16 or over. There may be an alternative current account and deposit account that suits you and your child better. You can view all our current account options here and all our deposit options here.

• What happens when my child turns 16?

  When your child turns 16, they are eligible to open a current account in their own name. Bank of Ireland will help you and your child take the next step on their journey to greater financial independence. We will support you and your child to open a new Second Level current account in the child’s sole name and transfer any funds you wish to give your child into that account and we will then close the Smart Start Account. If you have availed of a Smart Start Money Pot, we can also assist you in opening a savings account in your child’s sole name and will transfer the balance from the Smart Start Money Pot into the savings account before closing the Smart Start Money Pot.

• What happens when my child turns 18?

  If the account has not transferred to the child before they turn 18, we will close the accounts and transfer all remaining funds to you (parent/legal guardian) to a personal current account in your sole name. If you do not hold a Personal Current Account in your own name, the funds will be held for you, and you can access these funds at any Bank of Ireland branch. We will advise you of how you can recoup the balance when we notify you of account closure.

• Is there the option to save with a Smart Start Account?

  Yes. When you open a Smart Start Account, you can choose the option to open a Smart Start Money Pot at the same time. This is a simple instant access savings account, perfect for encouraging your child to save for the fun things they really want, like their own bike, a games console or even to save for their holidays.

• What is the interest rate on the Smart Start Money Pot?

  To view the rate applied to the Smart Start Money Pot view our Deposit Rate Sheet. For more detailed information, view our Customer Information Sheet .

• Is there a limit to the amount that can be saved in the Smart Start Money Pot?

  Yes, the maximum balance of €5,000 will apply to the Smart Start Money Pot.

• Is there a limit to the amount that can I can put in the Smart Start Account?

  Yes, the maximum balance of €10,000 will apply to the Smart Start Account.

• What can my child do/not do with a Smart Start Account?

  They can:

  • Use their Visa debit card to complete contactless and chip and PIN transactions in shops and online.
  • Lodge money to either the Smart Start Account or Smart Start Money Pot in a Bank of Ireland branch or An Post office.
  • View their account on 365 online and on desktop.

  They cannot:

  • Set up a direct debit or standing order
  • They cannot make third party payments directly from the Smart Start Account and Smart Start Money Pot.
  • Make online credit transfers between their accounts (Smart Start Account and Smart Start Money Pot). Note: If your child has a Second Level current account listed on their 365 online profile, they will be able to complete account transfers from their Smart Start Account and Smart Start Money Pot to their Second Level current account.
  • Use Pay to Mobile
  • Request an overdraft or cheque book

  Please note: Your child cannot make any withdrawals from the Smart Start Account and Smart Start Money Pot over the counter in branch without you present. Neither you or your child can make credit transfers to third parties from the Smart Start Account or Smart Start Money Pot.

  If you (the parent/legal guardian) have another Personal current account with Bank of Ireland that is registered on 365 online, you will be able to make credit transfers through 365 online from your Smart Start Account to the other accounts you hold with Bank of Ireland only (including to a Smart Start Money Pot).

  If you do not have another Personal current account with Bank of Ireland that is registered on 365 online you will need to carry out credit transfers (from your Smart Start account to my other accounts you hold with Bank of Ireland only) in a branch.

  If your Child has another current account with us, which is registered on Digital Banking, they will be able to make unrestricted credit transfers through Digital Banking from your Smart Start Account to that current account.

• What parental controls are in place with a Smart Start Account?

  As a parent/guardian you will have visibility and control of account activity.

  You can freeze/unfreeze the debit card. You must be present if your child wishes to make an over-the-counter cash withdrawal. You can choose to set your child up on 365 online so that they can view their transactions. You can also add this account to your 365 online profile.

  To ensure that you have oversight and control on your child’s spending please add the account to your profile; nickname the account so that you can identify it clearly and enable spend alerts.

  You will be responsible for ensuring that your child uses the card appropriately and you must report any lost or stolen cards to us immediately.

• Will my child's name appear on the debit card associated with the Smart Start Account?

  Yes. Your child’s name will be on the Visa debit card that comes with the Smart Start Account. There is no card issued with the Smart Start Money Pot.

• Where will the Visa debit card be sent to?

  The Visa debit card will be sent to the parent/guardian’s address provided on the application form.

• Can my child spend more than is in their account?

  No. They can only spend the money they have in their account.

• Can I lodge and withdraw funds through An Post to the Start Smart Account?

  Yes. You and your child can make cash lodgements and cash withdrawals through An Post using your Visa debit card. Money can also be lodged to the Smart Start Money Pot using a personalised lodgement book in An Post.

• Can I lodge and withdraw funds through a Bank of Ireland branch to the Start Smart Account?

  You and your child can make cash lodgements in a Bank of Ireland branch using your Visa debit card.

  You can also make over the counter cash withdrawals in a Bank of Ireland branch. However, your child cannot make over the counter branch withdrawals without you.

• How/who will receive an account statement?

  The parent/guardian will receive a mandatory eStatement on the 365 mobile app, or by post if you choose to receive statements by post or do not use 365 online. The child will also get a copy of the statement through the 365 mobile app.

• How many transactions can be made on the account per day?

  There is no limit on the number of transactions per day, so long as it remains within daily spend limit that you (parent/guardian) have set. You can amend these limits by calling the Bank of Ireland Contact Centre or in a branch.

• How can I amend the spend limit on the debit card my child receives?

  Your child can use this card to complete contactless and chip and PIN transactions in shops and online to a daily value that you (parent/legal guardian) have set. You can amend these limits by calling the Bank of Ireland Contact Centre or in a branch.

• Is there an overdraft facility available on a Smart Start Account?

  No, there is no overdraft facility available.

• How much is the daily ATM withdrawal limit on a Smart Start Account?

  A maximum daily ATM withdrawal limit applies that you (parent/legal guardian) have set. You can amend these limits by calling the Bank of Ireland Contact Centre or in a branch.

• Can I get a cheque book with a Smart Start Account?

  No, there is no cheque book available.

• How do I open a Smart Start Account and what should I have to hand?

  The Smart Start Account is available to new and existing Bank of Ireland customers, who are a parent/guardian of a child aged 7-15 and resident in the Republic of Ireland. The child must be living with the parent/guardian on a full time or part time basis.

  • If you’re an existing customers with a 365 online user ID – Tap the ‘Apply now’ button. Make sure you have your 365 online user ID and registered mobile device to hand. You will also need to upload ID for your child, this can be their birth certificate, passport or proof of guardianship. All going well, you’ll receive a text with the new BIC and IBAN within three working days and your child will have a card within seven working days. If you select the option to open a Smart Start Money Pot during this application, it will also be opened for you.
  • If you’re a new customer (or existing customer without a 365 online profile) – Tap the ‘Apply now’ button and follow the instructions on screen. As a parent/guardian you will need to have photo identification (ID) and proof of address ready. You will also need to upload ID for your child, this can be their birth certificate, passport or proof of guardianship. We will also take a photo of you in the application form so make sure you’re camera ready. Go to boi.com/IDTypes for a list of acceptable ID types.
  • If you need extra help or support with your application – you can apply for the Smart Start account and/or Smart Start Money Pot in any Bank of Ireland branch.

• I’m not a Bank of Ireland customer. Can I open a Smart Start Account and Smart Start Money Pot?

  Yes. That’s no problem. You can open just a Smart Start Account or both a Smart Start Account and Smart Start Money Pot at time of application and be set up on 365 online too.

  Please note: You’ll be unable to transfer money out of the account digitally, but you can make cash withdrawals, or get a bank draft by calling into any Bank of Ireland branch.

• Can a child’s relatives (grandparents, aunts, uncles) open a Smart Start Account or Smart Start Money Pot for them?

  No. Only parents/guardians can open these accounts for their child. However, grandparents aunts, uncles, and friends can deposit money directly into a Smart Start Account or Smart Start Money Pot. All they will need is the account IBAN and BIC. Transfers can be either made online or in branch.

  Please note: Any money put into the account will belong to the parent/guardian.

• How many Smart Start Accounts and Smart Start Money Pots can I have?

  You can have one Smart Start Account and one Smart Start Money Pot for each of your children.

  Please note: To open these accounts, the parent/guardian and child must live in Republic of Ireland. The child must reside with the parent/legal guardian on a full-time or part-time basis.

• What happens to the money in a Smart Start Account if a parent/guardian no longer has the capacity to manage the account?

  If a parent/guardian dies or loses contractual capacity, Bank of Ireland may block the account, end the agreement, and close the account. The child will no longer be able to use the account. Any money in the account will be returned to the parent/guardian’s estate.

Contact us

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