Spanish banking group Santander has introduced a new bank account, 123 Mini, for children aged zero to 18 years.
For the first 11 years, the current account has to be managed by their parents or guardians as a trustee, provided they have their own Santander current account. Upon adulthood, the accounts turn into full service current accounts.
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The 123 Mini pays interest rates of 1% on balances from £100, 2% on balances from £200, and 3% on balances from £300 to £2,000.
Santander UK retail products director, Reza Attar-Zadeh, said they believe in helping families make the most of their money.
"With that in mind we designed the new 123 Mini to grow with the needs of youngsters and help them learn about money management from an early age. It’s also great for parents or guardians who wish to retain control of the account whilst their children are still young," Attar-Zedah added.
The 123 Mini accounts are free of charge and can be opened at any Santander branch or through its website.
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