While there will always be external factors influencing what children want, giving them more opportunity to decide how they use their money means that they can make some of the everyday financial decisions adults have, first hand.” “With so much focus on the value of money and how far it will go, many of the financial life lessons parents’ want to teach their children can really be put into practise. 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. To help kids with a Smart Start account, the bank has also created a number of Smart Start Guides, which help children get the most out of the account, while also covering key areas of good money management such as card controls, staying safe on social media and making payments.Įmma Abrahams, Head of Savings at Lloyds Bank, said: “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. This is a great way to top up savings as, every time money is spent from the spending account, the bank rounds it up to the nearest pound and puts the ‘change’ in the savings account. The account also benefits from features such as Lloyds Bank’s Save the Change®. The saving account gives instant access savings, helping kids to get into the habit of saving regularly towards long term goals and items they want. The spending account works just like a current account, with a contactless Visa debit card to use in shops, online and at cash machines. Smart Start gives children the opportunity to begin budgeting and managing finances themselves by being split into two parts one for spending and one for saving. Lloyds Bank now offers Smart Start - a unique combined spending and saving account, designed to give 11 to 15 year olds freedom to independently manage their money, while providing parents with oversight of the account, displaying it alongside parents’ own in their online banking.
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