'Irish banks rip-off young savers' - experts claim children's savings accounts are a marketing tool

"Interest rates may not be as good as they appear due to restrictive terms"

"Savings accounts for children have been labelled a rip-off and mere marketing tools."

"This is because the accounts offered by banks are often characterised by unfair terms and conditions, financial experts say."

"The main banks offer children's savings accounts that are opened by parents and grandparents, with attractive and friendly names."

Interest rates on children's savings accounts can be misleading when restrictive terms reduce effective returns. Many children's savings products carry conditions, fees, or limitations that lower the practical benefit of advertised rates. Financial experts label such accounts as rip-offs and marketing devices because the fine print often undermines incentives. Major banks market these accounts under friendly names and allow parents or grandparents to open them, increasing its appeal. The combination of attractive branding and limiting terms can leave savers — and the children they aim to benefit — with less value than expected.

Read at Independent