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Isle Of Man Bank Targets Young Savers

by Amanda Banks, Tax-News.com, London

28 November 2005


Isle of Man bank Bradford & Bingley International have announced the launch of an international 'YoungSave' account to encourage children and young people to get into good, regular savings habits.

The YoungSave account was initially launched for residents of the Isle of Man in October with great success, says the bank, due to its competitive rate and bonus. With the demand for a competitive and friendly children’s account clearly evident, Bradford & Bingley International have now made their YoungSave account available to their international customers aged 0-25 years old from 21st November 2005.

The ‘YoungSave’ account is an instant access account that pays an extremely competitive rate of 4.50% gross pa/AER plus an additional bonus of 0.50% gross if customers make no more than three withdrawals within the year. The ‘YoungSave’ account can be opened with as little as £10 with a maximum of £25,000.

The account can be opened in trust for anyone under 25 making it an ideal gift from a parent, grandparent or guardian. Anyone above the age of 7 can open the account in their own name. At a time when good financial habits are receiving such prominence in the press, the bank says it is a great opportunity to teach children and young adults the importance of saving, and help them get off to a good start with a rewarding rate of interest.

Bradford & Bingley International’s Managing Director John Sheath commented, “We are hoping that YoungSave will help young people get used to saving regularly and learn how to be responsible with their money. The fantastic rate also means young adults aged up to 25, that may be trying to save to buy a house or start a family and need a high interest paying account, can open the account with a relatively small initial deposit. It has been very well received in the Isle of Man and I’m sure that it will be of great interest to the international market.”

Bradford & Bingley International Limited is licensed by the Isle of Man Financial Supervision Commission to conduct banking business and is a wholly owned subsidiary of Bradford & Bingley plc. Under Isle of Man legislation, deposits made with an Isle of Man office of Bradford & Bingley International Limited are covered by the Depositors Compensation Scheme contained in the Banking Business (Compensation of Depositors) Regulations 1991 (as amended).


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