The word from the Vernon BS as they try to encourage the savings habit from an early age;
Vernon Building Society is launching a new Junior Regular Saver account designed to help children across Greater Manchester and Cheshire develop positive saving habits and build confidence with money from an early age.
As a mutual, Vernon Building Society’s purpose is rooted in supporting the communities it serves, with financial education an important part of that commitment. The new account builds on the Society’s existing work to help local children and young people develop confidence with money, including financial literacy training in high schools and in-branch sessions for primary school children.
Research from the Money and Pensions Service highlights the importance of developing positive money habits from a young age, with financial behaviours beginning to form before children reach the age of seven.
Launched this week as part of the Society’s Smart Money Summer campaign, the account combines a 3.75% Gross/AER* variable rate with a range of practical and engaging incentives designed to make saving accessible and enjoyable for children aged five to 11.
Every child opening an account will receive a free piggy bank and Vernon Bear’s Book of Money, a fun 24-page money activity book featuring games and activities covering topics including saving, borrowing, budgeting, needs versus wants and recognising scams.
The account also includes an annual draw, with five eligible young savers receiving an additional £100 paid into their account. To qualify, children must have made at least six-monthly deposits during the previous 12 months and have a minimum balance of £50 at the time of the draw. The approach is designed to reward consistency rather than the size of a child’s balance, encouraging families to save little and often.
The Junior Regular Saver allows monthly deposits of between £5 and £100, with the low minimum deposit designed to make regular saving accessible to a wider range of families. Savers are not required to pay in every month, and the interest rate is not affected if they miss a deposit. Accounts must be opened in a Vernon Building Society branch.
Darren Ditchburn, CEO at Vernon Building Society, says: “As a mutual, our purpose is about more than providing financial products – it’s about supporting the communities we serve and helping them thrive. Financial confidence starts much earlier than many people realise, which is why we’ve been working with local schools and WizeUp to help young people develop a good understanding around money.
“We wanted the Junior Regular Saver to build on that work by giving parents a practical way to continue those conversations at home. We’ve designed the account to make saving feel achievable and rewarding, while the activity book gives families an easy way to explore important money topics together. Ultimately, we want to help children develop positive financial habits early that can support them throughout their lives.”
As part of its Smart Money Summer campaign, Vernon Building Society is hosting free money-themed drop-in events for primary aged children at all six of its branches from 17 to 26 August, giving families the opportunity to learn about money through games and activities with the Society’s mascot, Vernon Bear.
The new Junior Regular Saver and Smart Money Summer campaign complements the Vernon’s wider commitment to financial education, including primary school financial education sessions in branch and its partnership with WizeUp, which supports schools and young people with financial literacy programmes. Last year, WizeUp delivered 2,081 hours of financial education for Vernon Building Society across 8 high schools in Greater Manchester and Cheshire.
Be the first to comment