The CTF was abolished, replaced by the Junior Isa which, without a cash incentive from the government, has failed to take off. Then the Child Trust Fund was launched, a tax-free way in which parents could save cash for children that they wouldn't be able to spend until they were 18 years of age – kick-started with a cash gift from the government.īut at some point in the past 10 years the focus moved from helping young people to save money to exploring innovative ways in which they can spend it, despite most banks and building societies still offering free gifts (Principality Building Society, for example, offers a Dylan the Dragon money box while Co-op offers educational gifts from the Born Free Foundation). Everything was branded with the bank's cartoon Griffin character, but it remained a poor substitute for those ceramic pigs.īank accounts offering free gifts to children quickly spread to the university student market, cashing in on the boom in university attendance, with high street banks falling over themselves to offer free young person's railcards, HMV vouchers, book tokens and other assorted freebies. If you were between seven and 17 Midland – now HSBC – would give you a free sports bag, a project folder, dictionary, maths set, a magazine and a home bank file – all for opening an account with £10. Imitators quickly sprang up, the most famous being Midland Bank's Griffin Savers account. It was the first popular high street bank account in the UK aimed solely at children and evokes nostalgia among today's 30-somethings – the pigs have even become collectibles, with Woody going on eBay for between £1 and £5 and the family of five going for in excess of £100. Cousin Wesley could only be obtained if parents opened a Children's Bond for a child under the age of 16.
If a child managed to save £25 they would receive Woody's sister Annabel a £50 savings pot would get them big brother Maxwell £75 would see them obtain Lady Hilary, the matriarch and £100 would result in kids getting their hands on Sir Nathaniel. NatWest's Piggy Account, launched on 5 December 1983 and ostensibly made banking fun for children by offering them a range of character piggy banks – the more you saved, the more pigs you would get.Ĭhildren received their first ceramic pig, Woody, upon opening an account with a minimum of £3, and as their savings grew they would receive Woody's extended ceramic family.
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