Can I save my monthly Child Benefit with State Savings?

Childcare Products

You can arrange for the automatic payment of your monthly Child Benefit by the Department of Employment Affairs & Social Protection (DEASP) directly into State Savings by a deposit account (Childcare Save) with Post Office Savings Bank (POSB) or by a State Savings Fixed Term Instalment Savings scheme (Childcare Plus).

  • The Childcare Save product is a variable deposit account (POSB), and currently has a rate of return of 0.05% which is subject to DIRT. 

  • The Childcare Plus product is an Instalment Savings product that allows you to save your Child Benefit each month. 

This is made up of the initial 12 month Contribution Period for a period of 12 months, known as the ‘Contribution Period’. At the end of the Contribution Period, your accumulated savings earn interest for 5 years, known as the ‘Interest Bearing Period’. The term of the product is 6 years from the date of lodgement of your first Child Benefit payment.
Note, after each 12 month Contribution Period is complete, your Child Benefit will continue to be paid into new Fixed Term Instalment Savings products for period(s) of further five years, unless you instruct otherwise.
You may access your money at any time, subject to 7 working days’ notice, and you will receive any interest payable to you to that date.
Both the State Savings deposit account and the Instalment Savings scheme are subject to Terms and Conditions and relevant legislation.
You may find our Terms and Conditions booklet online and in Post Offices. For further details on Childcare Plus, please visit
You may register for State Savings Online and manage the Childcare Plus Instalment Savings scheme online. The Childcare Save deposit account is not available to view on State Savings Online.

Step by Step Process to apply for a Childcare Product  

  1. Complete and submit a ‘CB1 Application for Child Benefit’ form to the Department of Employment Affairs & Social Protection (DEASP) to apply for Child Benefit. Note, this is a Social Welfare Services form and is not a State Savings form.
    For more information on this contact the DEASP directly, see

  2. If you have already completed this form and returned it to the DEASP, contact State Savings at 0818 20 50 60 and request a Childcare Save or a Childcare Plus application form.
    State Savings will post this form to you accompanied with a cover letter explaining the nature of the product and setting out any additional requirements. A business reply envelope will also be included for your use.

  3. Complete the Childcare Save or the Childcare Plus application form and return the requested documentation to the Childcare Department, State Savings, 3D, GPO, Freepost, Dublin 1, D01 F5P2.
    Please note that all Childcare Save and Childcare Plus application forms must be completed by the Parent/Guardian in receipt of the Child Benefit payment.

  4. Upon receipt of the completed application form and correct documents from you, State Savings will set up a Childcare Save or Childcare Plus product as requested. The Childcare product will be set up in the name of the Parent/Guardian in receipt of the Child Benefit payment.

  5. When the account has been set up, State Savings will confirm account details to you and the DEASP

  6. DEASP will add your new State Savings details to their Child Benefit records, and from that point on your Child Benefit payment will transfer monthly to your chosen Childcare Product.

Adding a new child to a Childcare Save or Childcare Plus account  

If you have an existing Childcare Product and wish to add an additional Child Benefit payment to this account (upon the birth of a new child for example) you should advise the DEASP Child Benefit section of this request, and they will make the necessary arrangement to add the new benefit payment to the existing State Savings account.