Santander have launched their 1l2l3 Mini Current Account aimed at those aged between 11 and 18. Seeking to synthesize a generation of responsible, thrifty savers from a young age, the scheme is designed to provide a secure environment for fledgling youths to learn money management.
Paying 3% tax-free on balances between £300 and £2000, the new account offers rewarding rates to children from birth until adulthood. The Mini Accountís similarities to its well-received adult 1l2l3 Current Account are unmistakeable, with the latter also offering a 3% AER on balances of £3,000 and £20, 000 ñ limits ten times the size of its ëlittle brotherí account.
Children under the age of eleven require a parent or guardian to open their account and act as a designated trustee ñ the parent or guardian must be a Santander current account holder too. Following the childís 11th birthday, the account can be handed over at any point through the guardiansí relinquishment of trust.
Santander have stressed that there is no need for a Mini Current Account to be closed following the saverís 18th birthday, if he/she chooses to stay with the bank. A crossover can be set up whereby the customer can keep all the same details, including account number and any standing orders.
The bank also introduced a debit card for savers aged 11-18, to promote independence and monetary responsibility amongst youths across the country. Additionally, the 1l2l3 Mini Account also offers its target, young clientele a 1% AER on the total account balance from £100, 2% AER on the total balance from £200. All interest can be acquired tax free, in accordance with HMRC regulations
Other core benefits include:
ï 24/7 access to your savings via Online & Telephone Banking
ï Free text & email alerts to help you track your cash-flow
ï The choice of a cash or visa debit card
ï The security of no overdraft, extra fees or charges