HSBC has launched a new account to enable young people to make the most of their savings. The MySavings account, specifically created for seven to 17-year-olds, is paying a top interest rate of 5.25 per cent.
It has a free 'money box' feature, a minimum deposit of just £1 and parents or guardians can pay money directly into the account.
The HSBC account also possesses a range of exciting features, with the group setting up an account for customers on their 11th birthday to encourage them to make the distinction between spending money and savings.
The HSBC current account provides regular statements, a cash card and pin number for withdrawals and the facility to make deposits.
With recent government research showing that over four fifths of parents fear their children will struggle with debt later on in their life, Lucy Payne, youth customer manager at HSBC, lauded a desire to manage finances among youngsters.
"The MyMoney accounts are designed to help children and teenagers better understand that saving is a positive way to approach money. By keeping their savings and their spending separate they can learn to budget and manage their finances responsibly now," she added.