Natwest launch current account aimed at youngsters

A new current account has been launched by Natwest called The Natwest Adapt and will target 11-18 year olds and will allow them to create their own personalised cash card.

The account has an AER in interest of 3.15% and hopes to provide teenagers with a sense of independence by encouraging them to handle their own finances. The account pays an excellent rate of interest to urge young people to save.

In addition, the account has special offers such as free ringtone downloads when topping-up a mobile phone 6 times at any RBS, NatWest, or Tesco cash machine, 2-for-1 cinema ticket offers in addition to a website to assist with the complications of money management.

Youngsters can also get their favourite artists put on their plastic cards by going to the Natwest Adapt account webpage and choosing an image available in the online library. Choices include the cast from High School Musical, Lilly Allen and The Thrills. For creative youngsters, there is the choice to upload their own artwork or photos of friends and family.

Mark Worthington, Head of Natwest Youth Banking, said it is important for young people to understand how to use money sensibly, the earlier they learn, the easier it will be for them when they are adults. These youngsters can understand their own bank statement and check how much money is available in their account before spending.

Earlier this week, HSBC and Personal Finance Education Group (Pfeg) announced that they are to launch a new primary school education scheme called ‘What Money Means’. The project aims to educate children in every primary school in the country about handling their finances.

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