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Whizz kids told to switch current accounts

Whizz kids told to switch current accounts

Category: Banking

Updated: 14/12/2012
First Published: 21/05/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Whizz kid entrepreneurs have been urged to make even more of their money by switching their current account to achieve a better rate of interest.

Hot on the heels of 'Junior Apprentice' hitting our TV screens, research conducted by Santander Current Accounts has found that around one in five 10 to 15 year olds have 'set themselves up in business'.

On average, enterprising youngsters are earning just over £46 a month, or £550 a year.

While welcoming the efforts of the children and the support offered by parents, Helen Bierton, head of Santander Current Accounts, said it was important to make the most of the money earnt.

Research suggests seven in ten (70%) Britons have not switched their main current account since 2000.

Three quarters (74%) said they have no plans to review their current accounts in the near future.

"This may be a typical case of parents urging their children to 'do as I say, not as I do', as the vast majority of adults are not looking to review their finances this year," she added.

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