To celebrate My Money Week, our staff reveal their favourite tricks to teach children about the value of money.
Having had a building society savings account at an early age, mother of two Subah Akhtar, nostalgically wanted to share the same excitement she felt when saving money to help encourage her sons form a healthy savings habit.
Subah turned to Newbury Building Society and opened a Young Saver savings account. By doing so, visiting her local branch soon turned into a family affair.
Below, you can read her story:
What type of savings account do you hold with Newbury Building Society?
A Young Saver savings account for my children.
How does your saving plan work?
We have one account for emergency use which we try to not use if we can help it, and is topped up with any spare funds. The boys have a separate account which is being used to save for their future.
How do you encourage your children to save?
We first encouraged our eldest son to save by getting him a money box. He has specific chores he has to complete in order to get some pocket money. As he is only 4 years old at the moment, he receives 5p per chore! This includes any tasks he does not like, such as brushing his teeth and bathing. I have explained to him that once his money box is full he is allowed some money to spend on whatever he likes; some money he has to put into a savings account (the bank shop as he calls it); and some money he has to give to people who have less than him.
Why did you choose to open a savings account with Newbury Building Society?
Having access to a local branch means I can take the children and further add to their understanding of money. Newbury Building Society is somewhere the boys can go on a routine basis with their passbooks and actually take part in the depositing and withdrawing of funds making it seem less of a chore!
What was your experience like with Newbury Building Society during the opening of account stage?
The whole process was a very positive. We were greeted by a member of the Newbury branch team who was very polite and professional. He was well informed about the Society, savings accounts in generally terms available and provided details on what account would be suitable for our savings goals.
What has the service continued to be like following the opening of your savings account?
The customer service I received has been excellent from start to finish.
Would you recommend Newbury Building Society to friends and family?
Based on my personal experience, the level of service received in branch and how friendly the staff are, absolutely. Everyone I dealt with had the information I needed, accurate timescales of the account opening process and much more. It was a relief to have an idea of what to expect and when – especially with two boys in tow!
Why did you choose to open a savings account with a building society and not a high-street bank?
I wanted a savings account with a building society in order for the saving process to be more visual (we were given a passbook and piggy bank for example) and to get the boys used to going into a branch in which they will hopefully grow up using.
I used to have a building society savings account myself when I was younger and it helped grow a savings habit. I used to go weekly to the local branch to put in pocket money and I want to do the same with my children. It was always an exciting trip and made me feel grown up knowing my money was going into my very own account. I am quite nostalgic about it - I’m not sure we’d get the same experience with a larger bank.
If you’re thinking about opening a savings account, read our article 'Savings explained: what different savings accounts are there?' and ‘Four things to consider before opening a savings account’ for further information on how to start (or improve) your savings journey.
If you have any questions about our savings accounts or would like to open one with us, pop in to your local branch or contact us by using our online form and one of our qualified savings advisers will be in touch.
A full list of our savings accounts can be found here.