Barclays launches junior account
Barclays launched its junior account, a product for kids under 18, on Saturday in a move to expand its commercial banking arm.
“This [product] will give children an opportunity to develop responsible spending habits from an early age,” said the bank’s Chief Executive Officer Shazad Dada while talking to journalists at the product launch at Park Towers.
In addition to regular account features, Dada said, the product offers additional privileges such as personalised picture identity card along with access to special events and exclusive offers in apparel, toys and book stores.
“My kids are getting into the age where they need to have some savings,” said Kiran Tariq, a resident of Clifton Block II, who submitted three applications for junior accounts. Tariq said that most of Barclays’ retail partners have shops in Park Towers, a regular shopping place for his family. “The Junior account will enable children to receive discounts and exclusive offers at certain shops like Crocs, Mothercare, Arena and Liberty Books,” said the bank’s corporate communications head Umaima Sohaib.
Painting activities, games and gift hampers for kids attracted a host of children and parents at the two-day launch ceremony that will wind up today (Sunday). The bank will host a similar event in Lahore in the weeks to come, Sohaib added.
Published in The Express Tribune, October 16th, 2011.
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Many, many years ago when one rupee was a lot of money and a Coke cost 4 annas at the school tuck shop under the stairs, our local banks started a banking scheme for children and then some years later it all died out. Now again our banks are approaching this venture. I hope they have thought this through properly because if done correctly it would be a learning process for the child. It should not be seen as a gimmick to gain customers for retail businesses which are affiliated with the bank.
In developed countries advertising to children is illegal, so why our children so unfortunate.