AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Lloyds tsb child savings account11/5/2023 Today’s children are less likely to be fobbed off with a sports bag or a key ring, but the central question remains the same: how to make banking enjoyable. Despite the temptation to spend, spend, spend, the average balance currently stands at £291. More than a century later, Nationwide introduced its FlexOne account for customers aged 11-17 who can use their cards to make contactless payments, shop online, and withdraw up to £300 a day from a cash machine. The building society was the first to tap into this area, offering the very first money box back in 1904 when, in a much earlier incarnation, the board of the Co-operative Permanent Building Society ordered 500 boxes at five shillings each. Nationwide is particularly active in the children's market, scooping up 135,000 of those new accounts each year. There are 2.8m accounts held by those under the age of 18, and 750,000 new accounts are opened each year, according to figures from the Nationwide Building Society. Thirty years on, the youth banking market is huge - and it’s no longer just about saving up for a rainy day. My Griffin bag was soon outclassed by NatWest piggy banks and Bank of Scotland’s Super Squirrel coin bank. One in four of us are still using the same bank account that our parents opened when we were children, according to uSwitch.īut for those of us who grew up in the 1980s, the freebies acted as a powerful status symbol that we were old enough to have our own money. And my loyalty - or inertia - is not unusual. I am still with HSBC, which bought the Midland Bank in 1992, more than 30 years later. When my parents opened a Midland Bank Griffin Savers Account for me, some time in the early 1980s, I went to school the next day the proud owner of a Griffin sports bag, a folder and a plastic card with my name on it . . . which was completely useless as ATMs had yet to reach the wilds of Devon.īut it worked. Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.ĭo you remember your first bank account? Maybe not, but it’s fairly certain you remember the freebies that came with it.
0 Comments
Read More
Leave a Reply. |