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