Student savers get their top three incentives with Bank of Ireland's new Teen SmartSave Account

Recent research commissioned by Bank of Ireland investigated the savings behaviour of 2nd level students and found that more students would save if there were incentives to do so. The research revealed that:

In response to these findings Bank of Ireland is today (Monday, 26 September 2005) launching Teen SmartSave, an exciting new savings account specifically tailored for 13-17 year olds. Teen SmartSave aims to encourage teenagers to save by offering a very attractive variable interest rate of 3% gross on balances up to €1,500. In addition, it will reward regular saving by paying a €5 bonus to customers after six months.

This new savings account will offer instant access to savings through any Bank of Ireland branch. However, the Bank will not offer an ATM card as a result of feedback received from parents as part of the research. This feature will help teenagers save for the things they really want without the temptation of dipping into their savings.

Commenting on the launch of Teen SmartSave, Catherine Moynihan, Savings & Investments Marketing Manager, Bank of Ireland, said: 'We believe this product has delivered a winning combination of an excellent interest rate of 3%, instant access and a reward for regular saving to Ireland's student savers. Through investment in understanding our customers we have been able to tailor a product that will actually encourage and reward teenagers for saving and in doing so create a strong savings habit amongst this age group.'

The recent research conducted by Mori Ireland for Bank of Ireland examined what 13-17 year olds are saving for. Top of the day-to-day spending list are mobile phone top-ups, cinema tickets and lunches but these are largely funded by parents, and in some cases part-time jobs. Indeed, 93% of 12-14 year olds get their money from their parents, while 52% of those aged 15 and over have a part time job. It is when it comes to 'special occasion' spending and long-term goals that having a savings account becomes more relevant. Events such as holidays, school trips and debs balls are often the primary reasons for teenagers to save.

The main savings goal among teenagers is holidays (26%), with a large number of students just saving for a 'rainy day' (21%). The next main savings goal, particularly among 6th year students is their education (16% overall, rising to 29% among 6th years).

The research also showed that parents are the main influence in encouraging teenagers to save. They recognise the educational value of 2nd level students having a bank account and making a commitment to save regularly.

Note: Research carried out on behalf of Bank of Ireland by MORI Ireland and Amarach Consulting.

For reference contact:
Catherine Moynihan
Marketing Manager,
Savings & Investments Marketing
Bank of Ireland Life
Tel: 6172878

Mary Brennan
Group Corporate Communications
Bank of Ireland
Tel: 01 604 3838
Mob: 087 2833646

About Bank of Ireland Savings and Investments
Bank of Ireland is the leading provider of savings and investment options in Ireland. Our unrivalled deposit and equity based product range, makes it possible for Bank of Ireland to meet and respond to the varied needs and requirements of our growing customer network. Supporting our range of savings and investment options is a comprehensive advice service, which is delivered through a team of qualified advisors throughout our branches nationwide.