The Bank of Ireland has confirmed that it has repaid interest totalling €200,000 to account holders after the wrong rate was applied to Rainbow Junior Saver accounts over a five-year period.
The incorrect interest rate was applied to 16,000 accounts from 2003 until early this year.
The bank detected the error as a result of ongoing monitoring and compliance activity.
The average amount repaid was €12.50 according to a Bank of Ireland spokesperson.
Many of the accounts were opened in children's names and funds contributed by parents to provide for their children in later years.
Account holders will receive correspondence confirming repayments in the coming days.
