Royal Bank of Scotland (RBS) and Natwest are launching 100 “school banks” in deprived inner-city areas as part of a pledge to educate children about finance.
The initiative, which is called “School Money – the school bank from RBS and Natwest”, allows children to open real accounts and pay in money, although funds can only be withdrawn from high street branches.
It is the first time the RBS-owned bank brands have launched a national drive to recruit schools.
The schemes will either be branded RBS or Natwest and participating primary and secondary schools will be given a resource pack containing posters, banners, t-shirts, cash boxes and pens.
Financial education experts will also be available to schools to help train and support teachers.
The group already runs a scheme called Face2Face with Finance, which gets branches involved with local schools. Since 1994, RBS and Natwest have invested £32.5m in the Face2Face with Finance and Financial Capability schemes, which aim to help people better manage their money.
The initiative follows RBS-commissioned research that revealed a third of young people from low-income backgrounds expect to earn a salary of just £12,000 a year – half the national average.
It also found that two-thirds of 14- to 18-year-olds have never received any financial education.