MSE News: Government gives green light to school savings clubs

JimmyTheWig

Glitterbaby wrote: »

I was just trying to highlight what a good opportunity for banks/building societies it is. A captive audience who wont shop around.

Exactly.
Which is why I would much rather schools go with the credit union scheme.

anon_ymous

Glitterbaby wrote: »

I was just trying to highlight what a good opportunity for banks/building societies it is. A captive audience who wont shop around.

My sentiments exactly. At school, we all had a YBS account. We knew nothing else aside from YBS

Its both a good move and a bad move at the same time.

roubiliac

The curmudgeons on here are completely missing the point. Banks taking advantage yada yada yada...


Todays children need to be become a generation of savers not like their parents generation living above their means on credit card debt with mortgages they can't afford and bank loans to keep up with the Jones's.
Anything that helps with that is a good thing.
Mind you I wouldn't put financial education in the hands of generalist teachers. I know some who have opted out of the gold plated teachers' pension scheme on the grounds they can't afford it!

anon_ymous

Glitterbaby wrote: »

No, they quite regularly send me statements with a £0.00 balance. It makes me feel quite nostalgic though . I did have my current account with them for a long while, but have since moved to Santander.

I was just trying to highlight what a good opportunity for banks/building societies it is. A captive audience who wont shop around.

Surprised they havent gone and closed your account down tbh

Glitterbaby

waqasahmed wrote: »

Surprised they havent gone and closed your account down tbh

So am I. Its odd because they have closed another account I had with them due to inactivity, but this one is still going strong, as is the dormant current account.

One-Eye

The Government has announced it will fund a pilot scheme to set up savings clubs in primary schools in a bid to help prevent children racking up debts later on in life.

Is this the same government that is happy for 50% of these kids to each rack up £40,000 debts in higher education immediately they leave school?

anon_ymous

roubiliac wrote: »

The curmudgeons on here are completely missing the point. Banks taking advantage yada yada yada...


Todays children need to be become a generation of savers not like their parents generation living above their means on credit card debt with mortgages they can't afford and bank loans to keep up with the Jones's.
Anything that helps with that is a good thing.
Mind you I wouldn't put financial education in the hands of generalist teachers. I know some who have opted out of the gold plated teachers' pension scheme on the grounds they can't afford it!

Why can't we have both?

People saving at the BEST rates, and not a bank that the school chooses, because they were first in line, or provided a better case or w/ever, and they pay poor interest rates (Looking at you YBS)