Smart Start! Lloyds Bank Introduces the Spending & Savings Account for Children
For 11 to 15-year-olds, Lloyds Bank has recently introduced Smart Start, a combination spending and saving account. The spending account functions exactly like a current account and comes with a contactless Visa debit card that can be used at cash machines, online, and in stores. The fast access savings provided by the savings account encourages children to routinely save aside money for desired things and long-term goals.
Savings account features like Lloyds Bank's Save the Change, which rounds up purchases to the nearest pound and deposits the "change" in the savings account, are also advantageous.
The bank has also developed a variety of Smart Start Guides to assist kids make the most of their accounts while also addressing important aspects of wise financial management, such as managing credit cards, being safe online, and making payments. Through their online banking login, parents may monitor all spending and savings.
"We know it's a real balance for parents whose kids are ready for more financial independence to not feel like they're taking the stabilisers off too soon. Smart Start gives children the ability to manage their money and prioritise how they spend and what they save for, while giving parents the visibility and oversight to help them if needed," said Emma Abrahams, head of savings at Lloyds Bank.
In August, Fazzaco had the story of Lloyds Bank completing the UK's first transaction utilising a digital promissory note purchase. The landmark transaction dramatically increases speed of payment and paves the way for a significant increase in the use of promissory notes for a broad range of transactions.
Subscribe Now
