Karen Wint, head of marketing and PR for Leeds Building Society, said: We have launched a new children’s savings account to encourage young people to start saving, develop an understanding of how accounts work and get a fantastic rate of return.
According to Ms Wint, the bank’s research showed that approximately 85% of young savers originally opened their account below the age of 12. As a result, Leeds Building Society has designed two different concepts to appeal to these children and those aged up to 17.
Dinosaurs are a perennial favorite with children and our account for those aged up to 11 years old is called the Dinosaver. There are three characters that feature on a wall chart: Tricera-saver, Saver-dactil and Dinosaver-rex and help to explain to children the different reasons to save. The wall chart and colored pencils are free when the account is opened. As an added incentive, Dinosavers will also receive a free Tricera-saver cuddly toy once their balance hits GBP200, Ms Wint explained.
The Dinosaver pays a competitive rate of 5.2% AER on a minimum operating balance of GBP10 and offers full instant access to the funds, at any time, without notice or penalty.
The second account for older children is called ‘The Vault’ and also pays a 5.2% AER on a minimum investment of GBP10, as well as full instant access to the funds, at any time, without notice or penalty.
