Bring back the "PIGGY BANK" campaign.

tartanterra

tartanterra wrote: »

I've had a good look at the net, and can only find two accounts that provide a moneybox with a kids account.
Lloyds (1.75%):mad: , and Halifax/BOS (2.55%):mad: .

With interest rates like that, it appears to me that they don't want to build any sort of relationship with their customers of the future. What a shame.

I have also now dicovered that the Dunfermline BS offer a kids account with a "piggy bank", but unfortunately at an even more measly interest rate of 1.4%:mad:

baby_boomer

Scots!

Better than their junior football supporter rates of 0.1%.

tartanterra

Further to earlier posts, here are some more Building societies that offer piggy banks to young savers:

Cumberland (2%)
Holmesdale (3.1%)
Hanley (2.45%)
Market Harborough (2.75%)
Earl Shilton (0.9%)
City of Derry (2.5%)
Vernon (2.8%) Plus a charge of £2.50 for the moneybank!
Stroud and Swindon (1.7%)
Saffron (2.75 - 3.5%)

The list is not exhaustive, and was speedily researched, however, the interest rates for young savers were really poor across almost all the banks and BS's. It was quite hard to find accounts for young savers on some BS websites.

It was also a point to note that almost every savings instition, had a picture of a piggy bank on their websites!

This begs the question; If piggy banks are so associated with saving, why have they stopped giving them out??????

If banks and building societies want to encourage young savers to deposit their money with them, then they are putting up a pretty poor show of trying to attract them. This doesn't seem to make sense as they could be building up brand loyalty from an early age and actually get some money into their own reserves instead of having to borrow on the money markets.

Of course, I'm sure our financial masters know better. You can tell that by the competent way they have stabilised our economy............................:rolleyes: OOPS!!!!!!!

rb10

tartanterra wrote: »

This begs the question; If piggy banks are so associated with saving, why have they stopped giving them out??????

They cost money.

tartanterra

rb10 wrote: »

They cost money.

Indeed they do!

However, just like advertising budgets, you have to spend money to generate it. A small investment in a child now, could generate a lifetime of business.

Look at how the big four banks pursue business from students.

As the current climate has shown, financial institutions should be encouraging future depositors and cutting back on reckless lending.

rb10

tartanterra wrote: »

Indeed they do!

However, just like advertising budgets, you have to spend money to generate it. A small investment in a child now, could generate a lifetime of business.

Look at how the big four banks pursue business from students.

As the current climate has shown, financial institutions should be encouraging future depositors and cutting back on reckless lending.

... instead of pumping money into educating students into thinking it's ok to be in hundreds of pounds of overdraft!

Sugarnspice

Hi

I am in uergent need of some help. I have 2 young children with traditional young savers account. However, due to the current climate i want to change their accounts to replicate something like a trust fund - i don't want to be tempted to touch their money and don't want them to have acceess to it untill their 16 or 18. Could you advise who are the best providers for something like this - not so concerned with what interest rates are earned.