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Bank Account News
Current accounts 'may benefit' enterprising kids - 02/01/2008
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Children who earn pocket money through odd jobs could learn about personal finance by opening a current account, Abbey has suggested.
New research conducted by the bank found that UK kids rake in around £696 million each year doing a number of odd jobs ranging from babysitting and washing the car to walking the dog or cutting the grass.
And with one in four 11 to 18-year-olds undertaking odd jobs, a current account could teach children about money, according to Steve Shore, head of Abbey Banking.
"As well as giving kids a boost to their pocket money, this is a great way for parents to . teach valuable financial lessons," he said.
He explained that with an interest rate of six per cent on balances of up to £500, Abbey's current account for youths may be a good way for kids to set aside their pocket money.
Kids between the ages of 11 and 15 have to credit the account with at least one payment a month to keep it active, while the current account for older kids between the ages of 16 and 18 requires a monthly deposit of £50.
According to research conducted by MoneyExpert, there are more than 130 savings and current accounts offered for children by UK banks and building societies.
© Adfero
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