THE Principality Building Society has launched a savings account which rewards children and young people for learning about financial education.

Since Tuesday, July 9, Learner Earner has given the opportunity for family members and parental guardians to access an advantageous 4 per cent interest rate to save for their loved ones, whilst providing yearly monetary rewards for children to encourage learning about smart ways of saving.

The Learner Earner savings product brings a unique offering, which supports Wales’ largest building society’s commitment to educating pupils across Wales and the borders on financial education.

In the past 18 months, the building society has reached over 10,000 young people in Wales with financial education lessons.

With research from the Money Advice Service showing that children pick up adult money habits from the age of four, the society believes it’s more important than ever to be teaching children about finances.

With the opportunity to withdraw up to three times a year and no requirement to deposit each month into the account, Learner Earner allows flexibility of access when saving for something specific.

Whilst the savings account is on offer for a limited period, children will be given regular interactive learning packs and for the first two years they will receive a £10 voucher to either spend on a treat or deposit into their savings account.

The packs, which include the popular Dylan the dragon character, will assist children along their savings journey.

Julie-Ann Haines, chief customer officer at Principality Building Society said: “The Learner Earner savings account is one of the new propositions we will be offering to customers in order to enhance our product offering.

"We understand that many parents wish to save for their children’s future, and this product gives them the opportunity to do so: combining a competitive interest rate, increased flexibility on withdrawals and also providing creative and engaging resources to teach children about money matters.

“As a society, we are passionate about being able to teach young people about finances, with colleagues across our network of 53 branches delivering financial education to schools in their community.

"This product further enhances our commitment to ensuring children and young people know about money matters.”

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- Interest rate is variable.

- This monthly saver account can only be opened by an adult in conjunction with a child aged under 18.

- One account per customer. Interest is calculated daily and paid annually on January 1.

- Open the account in branch or agency only. Minimum balance £1.

- Maximum balance £20,000. Maximum monthly deposit of £250 and people do not need to save every month.

- Up to three withdrawals per calendar year.

- Closure is permitted and this is counted as a withdrawal.