The best savings accounts on offer for youngsters

EASY access, great interest rates on savings, and welcomed with open arms. No wonder banks like small children; chances are if they get them locked in early, they’ll never move. Here’s what’s on offer.

Bank of Ireland: Young Saver account (0-12-year-olds) offers a whopping 2.5pc AER on savings up to €5,000, easily the best on the market. The Second Level current account is for students over 12, and comes with a debit card once they’re 14 and again, 2.5pc AER on savings up to €5,000.

AIB: Junior Saver is an account for 7 to 11-year-olds, offering 2.01pc AER on balances up to €1,000. The ‘Student Saver’ is for over 12s with the same good interest rate.

Ulster Bank has the uFirst Youth account for under-11s with savings earning 0.95pc AER. The UrMoney account for 12 to 17-yearolds gives the same rate, and a debit card.

Permanent TSB has the Safari Saver for under-12s, but just 0.15pc AER on savings. The Teen MyCash account is for 13 to 17-yearolds, improving to 0.5pc AER and with a debit card.

An Post: Cyril the Squirrel’s savings book is still around, stamps cost €1 each and migrate to a full account when the book is filled.

Revolut: Junior Revolut is available to kids whose parent has a Premium or Metal account, offering a debit card for ages 7 to 17.

Bear in mind DIRT is payable at 33pc on all interest earned, and while there are no transaction or account fees, Government stamp duty of 12c per ATM withdrawal (max €5) is payable also.