Yorkshire Building Society is targeting the teenage market with the launch of a savings account paying 3.89 per cent AER.
The Freedom account is available to savers between the ages of 12 and 21 and can be opened with deposits as little as £10 while the maximum is £500,000.
A cash card will be provided to allow consumers immediate access to their money while parents will be allowed to set a limit on monthly withdrawals.
General manager Iain Cornish says: “Our research amongst teenagers showed that they wanted to be in control of their own finances and having a cash card was essential. By adding a feature, which gives parents reassurance that life savings can't be squandered in one shopping trip, we think this account will be a winner with both teenagers and parents.”