Coventry Building Society has launched INTRO, an instant access savings account for 11 to 17 year olds.
The building society hopes to encourage a responsible attitude towards savings and an understanding of financial issues from an early age with its new product.
Interest on savings with an INTRO account will be paid monthly at 4.25 per cent gross on a minimum investment of £20. The maximum balance of the account will be £5,000.
The account comes with an instant access cash card, a telephone withdrawal authorisation feature and services and promotions tailored specifically to young people – a top-up facility for pay-as-you-go mobile phones and £15 of Virgin vouchers upon opening.
"Although there is a large range of instant access children's accounts, relatively few offer the flexibility of a cash card that will enable teenagers to control their money in the way that they want to," said Colin Franklin, head of sales at Coventry Building Society.
"Our members tell us teenagers will be attracted to this account by the cash card and the offer of the Virgin vouchers, as well as the ability to be able to top up their mobile phone," he concluded.To read more about savings and investments, click here.
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