Tesco drives home savings habit

Tuesday, 13 October 2009 12:00

Tesco is promoting its online savings accounts as it encourages more people to get into the habit of tucking some of their cash away.

The bank has unveiled evidence, through a new survey, that children are aware of the importance of saving, with 46 per cent saying they could do a better job than their parents at managing their family finances.

What's more, they are optimistic with 57 per cent of six to ten-year-old boys expecting they will become millionaires when they are older.

Jeremy Sutton, head of Tesco Savings, said: "Good financial habits are important to learn=2 0at a young age and, while their future ambitions may seem unrealistic, it is impressive to see how well even very young children understand what their parents are saving for."

Tesco said its Internet Saver, which has a rate of three per cent, allowed customers to manage their account online. The rate, which is available for balances of up to £10,000, includes a 1.75 per cent bonus for 12 months.

It was also highlighting its Instant Access Savings account, which can be managed online, and comes with tiered rates of interest of up to 1.25 per cent.

This account can also be managed by phone. Both accounts offer instant access with no restrictions on the number of withdrawals.

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