Whether your child is saving for a new bike, a games console, a school trip or simply learning the value of money, helping them develop good saving habits from an early age can make a lasting difference.
Learning how to save money is one of the most important financial skills a young person can develop. That’s why we’ve increased the interest rate on our Young Savers Account from 2% to 3%, helping children and young people make the most of their savings while encouraging positive financial habits that can last a lifetime.
Building Financial Confidence from a Young Age
Research from the Money and Pensions Service (MaPS) shows that children begin developing attitudes and behaviours around money from an early age. Their Financial Foundations research found that children who have opportunities to manage money and develop saving habits are more likely to demonstrate positive financial behaviours as they grow older.
By encouraging children to save regularly, families can help them understand the importance of planning ahead, setting goals and making informed financial decisions.
At Wave Community Bank, we want to support local families in building these strong financial foundations for the future.
Why We Increased the Interest Rate
The decision to increase the Young Savers interest rate to 3% reflects our commitment to helping young people become more financially resilient as they move towards adulthood.
Regular saving can help children develop:
- Confidence managing money
- Good financial habits
- An understanding of budgeting and planning
- Greater independence
- A financial safety net for future goals
Even small amounts saved regularly can grow over time and help children see the rewards of putting money aside for the future.
How the Young Savers Account Works
Our Young Savers Account is available for children under the age of 16.
The account is opened and managed by a trustee who must be aged 18 or over. This is usually a parent, grandparent or guardian who oversees the account on behalf of the child.
The account offers:
- 3% interest on savings
- A safe place for children to build their savings
- Access through Wave Community Bank’s online services
- Flexible ways to save regularly
The trustee remains responsible for the account until the young saver reaches the age of 16.
Easy Ways to Save
We know that every family’s circumstances are different, so we’ve made it simple to pay money into a Young Savers Account.
Many families find that setting up a regular monthly payment helps children develop a consistent saving habit while allowing their balance to grow steadily over time.
Save on Travel Too
As well as helping children build their savings, a Young Savers Account can also unlock valuable discounts on local travel. Young Savers receive 10% off Brighton & Hove Buses Annual Tickets, helping families reduce the cost of getting to school, college, activities and days out.
Parents or guardians can also apply for a Wave Community Bank loan to spread the cost of an annual pass, making budgeting easier throughout the year.
Combined with the savings your child earns through their Young Savers Account, it’s another practical way Wave Community Bank helps local families make their money go further.
A Great Way for Parents and Grandparents to Help
Parents, grandparents and other family members often want to give children something meaningful for birthdays, Christmas and other special occasions.
Contributing towards a Young Savers Account can be a practical gift that helps a child work towards future goals while learning valuable life skills.
Regular contributions, no matter how small, can soon add up. More importantly, they create opportunities for conversations about money, goal setting and financial planning.
For grandparents especially, helping a grandchild save can be a wonderful way to support their future and encourage responsible money management from an early age.
Safe, Secure and Community Focused
When you save with Wave Community Bank, you’re not only helping a young person build a stronger financial future.
As a not-for-profit community bank, every pound saved helps support local people through ethical savings and affordable loans. It’s a way of investing in both your child’s future and the wider community.
Eligible savings are protected by the Financial Services Compensation Scheme (FSCS), providing additional peace of mind for families.
Start Their Savings Journey Today
Teaching children how to save is one of the greatest financial gifts we can give them.
A Young Savers Account from Wave Community Bank provides a simple, safe and rewarding way for young people to start building healthy money habits, work towards their goals and develop the financial confidence they’ll need in later life.
To find out more or download an application form, visit here.
