Finance & Economics

Lloyds Bank combined spending and savings in a new solution for kids

Smart Start from Lloyds Bank gives kids an opportunity to manage their money and get into the habit of saving

Lloyds Bank kids

Lloyds Bank combined spending and savings in a new solution for kids. Source: unsplash.com

Lloyds Bank has launched Smart Start, combined spending and saving banking solution designed for teenagers aged 11-15.

The combined service comes with a contactless Visa debit card to spend money in shops, online, and at cash machines. Besides, it gives instant access to savings, helping kids to put away money regularly towards long-term goals and desired costly items. 

Savings can get automatic with the Save the Change feature, which rounds up spending to the nearest pound and puts the ‘change’ in the savings account. 

Lloyds bank has also created a number of Smart Start Guides to educate children financially. The guides help children use the account wisely, develop good money management skills, be attentive to card controls, stay safe on social media, and make payments. 

Meanwhile, parents can keep an eye on their child’s accounts through their mobile banking app or internet banking. 

“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. 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."
Emma Abrahams,
head of savings at Lloyds Bank

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.