News
Press Release: Youngsters Can Start A Festive Season By Saving at the Earl Shilton - 20/11/09
Youngsters lucky enough to receive money over Christmas are being encouraged by a local building society to have one eye on the future and put some of it aside for savings.
With the January sales just around the corner and a whole host of new toys and games available it is easy to understand why children want to spend, spend, spend straightaway. However with parents increasingly conscious of the need for their youngsters to start a savings habit early, what better place for them to begin than with one of two ideal savings accounts at the Earl Shilton Building Society.
Both its Early Saver and Foundation accounts are flexible saving schemes ideal for children and young people under 18 and 21 respectively, whose parents wish to control their savings for the first few years. Both accounts can easily be changed to the child's name when they grow older and want to get into the habit of saving and even withdrawing their money themselves.
Neville Thompson, Chief Executive, comments, "We at Earl Shilton Building Society recognise the value of educating children on the importance of finance from a young age, as we hope it will go a long way in helping them manage their money later in life. We know that parents all want the very best for their children and savings accounts like our Early Saver and Foundation accounts are the perfect building blocks to securing a financially sound future as well as an appreciation for saving."
He added, "These two accounts close when the holder turns 18 or 21 respectively, and whether money is transferred into another account or put towards further education or even as a deposit on their first home it will have put them in good stead to choose as they please."
The Early Saver is a savings account for young people up to the age of 18. With a minimum balance of £1 and a maximum balance of £1,000 this instant access account would be a perfect location to save any birthday or pocket money at other times throughout the year. It also features variable interest rates, occasional free giveaways and once the age of 18 is reached, the account will automatically be converted into a Double Top Account, which may pay a lower rate of interest.
Alternatively, for the more serious saver, the Society offers the Foundation Account. With a minimum investment and operating balance of £250 this account has a maximum investment of £10,000 and is limited to just three withdrawals per year. A fourth withdrawal closes the account, with the customer then unable to open a new Foundation Account for 12 months. The account is limited to one per child and once the age of 21 is reached, automatically converts into an instant access account, which may pay a lower rate of interest.
The Earl Shilton Building Society has a range of other savings accounts currently available, including the Regular Monthly Saver and Heritage account for the over 50s. Its Cash ISA rates have also been consistently among the top five rates over the last 18 and 36 months according to online financial experts at www.moneyfacts.co.uk. Terms and Conditions apply. To find out more, please visit the branches, call 01455 844422, email enquire@esbs.co.uk or visit the website at www.esbs.co.uk.