EBS Teen Savings Account

EBS Teen Savings Account

EBS Teen Savings Account

Ah, the teenage years – you can’t believe they’re here already. You’re suddenly chauffeuring them to discos on a weekly basis, and buying them the latest smartphones.

But your teenager’s newfound independence could be tough on your pocket (you’re doling out change left right and centre). Now is a good time to get them learning about money management and being wise with their cents. Our Teen Savings Account, designed for 12 to 17 year olds, is a good place to start.

Read the features and benefits of an EBS Teen Savings Account below or request a call back from your local savings advisor – they’ll be happy to meet you for a chat or answer any query you have.

Features of a Teen Savings Account

  • There is a minimum opening lodgement of just €1 and the maximum balance of the account is €5,000.
  • Within four months of you reaching 18 years of age, the account will be converted to an EBS MoneyManager Account. We will write to you when your account is eligible for conversion.
  • One account per Teenager can be opened.
  • The account may be operated using a passbook in the teen's own name.
  • This account is for personal customers only. If the teenager is under 16 years of age, the account must be opened with an adult, who will act as signatory and the mandate to operate the account will be in the sole name of the adult.
  • Interest rate is variable and where applicable, interest is calculated daily and paid into the account half yearly in June and December.
  • An account may be opened by a Teenager in their sole name provided they are 16 – 18 years old.
  • You can check out our EBS Teen Savings Accounts rates, and read the full terms and conditions here.

Benefits of an EBS Teen Savings Account

  • The account holder can withdraw or lodge money as often as they like.
  • You may get a one off €20 bonus interest payment. €20 goes a long way when you’re a teenager. And what better way to reward them for saving?
  • A bonus interest payment of €20 (subject to DIRT deduction) may be credited to the account 6 months from account opening if a minimum balance of €50 is saved and maintained in the account for the first 6 months from the date of account opening.
  • There are no fees and charges with this account. 
  • An EBS Debit Card is available when you are 16 years of age.
  • You can view the account online here.

Important / Regulatory Notice

Important information: Account terms & conditions apply.  Interest is subject to Deposit Interest Retention Tax (D.I.R.T.) at the prevailing rate (for more information see www.revenue.ie). 

The EBS Debit Card is provided by Mastercard®.

Mastercard® is a registered trademark of Mastercard® International Incorporated.