Saffron Building Society

Dustykitten

I openned accounts for my kids last year with Saffron due to best rate of interest available at the time. We got the annual statements this week and the interest is fine. Enclosed with it is a new kids newslette which had an article in it which made me mad this is what it said:

Savings tips for Kids

Here are some top tips to boost your savings account.

-Put some of your pocket money in the account (as much as you can!)
-Do some household chores and get the money paid into your account
-Ask your parents for all their loose change every night and sive it up and put it in your account
-If your relatives usually give you pocket money, why not ask them to pay the money into your account
-If relatives give you money for birthdays and Christmas, ask politely if this can be paid into your account.

Now whilst I agree with encouraging kids to save I do not agree with them asking or expecting money from parents or other relatives. My kids to chores to earn time on the PS2 and I'd be livid if they asked for the loose change at the end of the day - that is not spare cash for them.

Am I being mean - what do you think?

OH says he'd be interested to know their 'Saving tips for Parents'

zappomatic

Teaching children to be beggars.... "Spare any change?". I think that's definitely the worst part of it. And as you say it's not right for them to assume children get money for doing household chores, not everyone runs things like that.

Having Christmas or birthday money as a cheque to go into the savings account is a good idea though.

Might be worth a letter highlighting the bits you disagree with.

Becles

Dustykitten wrote:

My kids to chores to earn time on the PS2 and I'd be livid if they asked for the loose change at the end of the day - that is not spare cash for them.

Mine do chores for PS2/TV/PC time too.

I had to chuckle at the children asking parents for loose change. It's the other way round here! My husband has a huge whisky bottle that we chuck our loose change into. It's a treats jar, and all the savings go towards meals out, day trips etc. My boys think it's an excellent idea, so they give their loose change to the jar too

Dustykitten

zappomatic wrote:

Might be worth a letter highlighting the bits you disagree with.

I had already planned that especially as they ask for omments and helpfully give and email address too.