6 per cent interest on Abbey’s under-18 accounts

From 17 December, Abbey has a great new offer on its 11-15 and 16-18 youth accounts, paying 6 per cent interest on balances up to £500. All 11-15 year olds need to do is credit the account each month with at least one payment of any amount. 16-18 year olds need to pay in at least £50 a month during the course of a month.

Given that Abbey research shows that average pocket money levels in the UK are £6 a week for 11-12 year olds, £10 for 13-15 year olds and £15 for 16-18 year olds, Abbey’s criteria is manageable for most kids.

What’s more, until 31 January, teenagers that open an Abbey account can double the amount of DRM-free music they download from selected EMI artists. Upon purchase of an album, they will have the option of getting hold of another digital album completely free.

Abbey’s research into youth spending habits shows that on average kids spend 16 per cent of their pocket money on music, with 16-18 year olds spending nearly a fifth of their cash.

Steve Shore, Head of Banking at Abbey, said: " We think our youth account is the most attractive on the market. It has a high rate of interest with a realistic qualifying criteria and a great incentive. We know teenagers love to spend their money on music and the offer with EMI means that we can help them get more tunes with their cash."

Graeme Rogan, Head of Online Sales, EMI Music UK, comments: " At EMI we are always looking to build brand partnerships which are able to deliver incremental revenue streams. The deal with Abbey gives their younger account customers access to EMI’s 2-for-1-download offer, enabling them to download more music for their money. Our aim is to encourage younger music fans to discover new artists and expand their music collections.”