Bank of Ireland launches a children's account

Bank of Ireland Just announced the creation of his "Smart Start Account". These accounts are intended exclusively for the children of the bank's clients, and are designed to ensure supervised financial learning from an early age. The historical bank thus takes over an offer that today represents the core business of several alternative financial actors.

FACTS

• Bank of Ireland has therefore launched its "Smart Start Account" for the youngest aged 7 to 15, residing in the Republic of Ireland, with at least one parent being an old or new bank of Ireland customer.

• The offer is offered free of charge and the accounts are managed by the parents on behalf of their children. A strict parental control (expenditure limits, alerts, access to the Bank of Ireland's anti-fraud team) is provided by the bank, which presents its new offer as a financial learning lever.

• Account opening is done online or in an agency. The Smart Start Account is then accessible and manageable from the parents' mobile banking application, but a version of the application for children has also been developed. A Visa debit card that can be used in-store and online within the defined limits is attached to these accounts.

• The "Smart Start Account" are also optionally associated with "Smart Start Money Pot" in the form of savings pools. These separate deposit accounts are again managed by the parent/legal guardian and apply an interest rate of 2%. Parents and families of children are invited to deposit money directly.

ISSUES

• Promoting financial learning : The new offer proposed today by Bank of Ireland is primarily presented as a teaching tool and a means of ensuring financial education for the youngest. The initiative also integrates the commitment of the parents of this target and promotes a family learning process involving the current clients of the Irish bank.

• Motivating savings from an early age : In order to promote improved financial management and early learning of good practices, Bank of Ireland is focusing on saving by offering, on the margins of its new accounts, cash pools to set aside money.

PERSPECTIVE

• The younger ones are a target of choice for banks who see this position as the way to retain a future customer base from an early age. Nevertheless, in France, for example, legislation requires that no bank card be offered before the age of 10. Traditional banks therefore offer banking and payment services to minors from 12 years of age in general, and parental control remains essential.

• In the face of traditional banks, however, alternative actors have made the target of the youngest their core business. This is particularly the case for Pixpay which is intended for children from the age of 8, Money Walkie (and supported by BPCE), by Monzo United Kingdom or Lunar for example in Denmark. Google also recently selected to address his Wallet to the children.

• The proposal of the traditional banks for this target is growing internationally and, most recently, banks Westpac Australia and OCBC Singapore presented their model.

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