The account aims to give teenagers a sense of independence in managing their own money and is designed to meet the lifestyle needs of young people with offers and benefits they frequently use.
The NatWest Adapt account will pay 3.15% AER interest and is run with a Solo bank card, which can be personalized with a picture of the customer’s choice.
The cards can be used in cash machines and shops and come with chip and PIN. The Solo card also means that the account holders cannot spend money that is not already in their account. The account can be managed via branch and cash machines and, if over 16 years old, by telephone and online.
Mark Worthington, NatWest head of youth banking, said: The earlier young people learn about managing money the easier it is for them when they become adults. This is an ideal age to learn about using a PIN to buy things, what a bank statement means and checking how much money is in the account before shopping. The NatWest Adapt account also pays an excellent rate of interest to encourage young people to keep putting money into their account.
