Bank refunds children

BANK of Ireland is refunding €200,000 in interest to 16,000 account holders — none of whom are over the age of 12.

The bank will repay about €200,000 to the young savers accounts after paying the wrong rate of interest on their savings.

The error occurred when the wrong interest rate code was applied to some accounts opened during the period May 2003 to February 2008.

The average refund per customer is €12.50.

The mistake was revealed following an internal monitoring process undertaken by the bank.

In a statement released yesterday the bank said: “Bank of Ireland has identified 16,000 affected accounts and is in the process of refunding the interest to each customer together with an adjustment to take account of inflation.

“Bank of Ireland apologises for this error and can assure customers that procedures have been put in place to prevent a reoccurrence.”

Anyone between the ages of 0 and 12 can open a young savers account, which was previously called a rainbow account.


These green pancakes are topped with avocado, tomato and cottage cheese.How to make Jamie Oliver’s super spinach pancakes

Who else can pull off a look described as a ‘hip-hop Michelin woman’?As her new EP drops, this is why there will never be a style icon quite like Missy Elliott

The classic white-tipped look is once again in favour, and celebs are loving it.The French manicure is back – 5 modern ways to try the trend

The A-Listers hiding in plain sight: As Rihanna is spotted at the cricket, who are the celebs who have been living under our noses in Ireland? Ed Power reports.Celebs in plain sight: The A-Listers living under our noses in Ireland

More From The Irish Examiner