NatWest pigs are back
NatWest has brought back its much-loved piggies in its latest bid to woo young savers and their parents.
To coincide with the launch of its new First Saver instant-access account for under 16s – paying 1% on balances under £25,000 and 0.5% for balances above, a new generation of savings pigs has been introduced too.
With the aim of bringing the fun back into saving, the new 'Pigby and Friends' characters will be given away to young savers.
On account opening from 25 November, savers will receive a free Pigbybank, created by the makers of Wallace and Gromit and Shaun the Sheep.
They'll also get a welcome pack, containing "fun savings tips and tricks" to share with mum and dad.
The piggybank will be accompanied by the online "Pigby's savings zone" and savings smartphone app, featuring Pigby and Friends from late December. Natwest said the app "is an educational, but fun game aimed at teaching children about saving money".
Six piggy friends have been created, based on the drawings of 13-year-old Kwamina Longdon, who won a national 'pigs by kids' competition to design a modern day savings pig.
David Crawford, head of savings at NatWest, said: "Many parents may fondly remember the NatWest pigs from their childhood, and we hope this new generation of pigs can help teach children that saving can be fun as well as beneficial in later life."
Did you know?
The first NatWest savings pig was introduced to the world 30 years ago to mark the launch of the building society's Piggy Account on 5 December 1983.
Children could collect an entire piggy family - the more they saved, the more pigs they got.
The first of the ceramic pigs up for grabs was Woody, who was given away on opening an account with a minimum of just £3.
Once £25 had been saved, Woody's sister Annabel was given out. £50 would get them older brother Maxwell; £75 mum Lady Hilary; and £100 dad Sir Nathaniel. And if a Children's Bond for the under 16s was opened, cousin Wesley would make an appearance too.
How many pigs did you or your children collect? Do you still have them? Send your pictures and memories to Moneywise at firstname.lastname@example.org
Invidivual Savings Accounts were introduced on 6 April 1999 to replace personal equity plans (PEPs) and tax-exempt special savings accounts (TESSAs) with one plan that covered both stockmarket and savings products, the returns from which are tax-exempt. The ISA is not in itself an investment product. Rather, it’s a tax-free “wrapper” in which you place investments and savings up to a specified annual allowance where the returns (capital growth, dividends, interest) are tax-exempt (you don’t have to declare ISAs and their contents on your tax return). However, any dividends are taxed within the investment, and that can’t be reclaimed.
This is a mutual organisation owned by its members and not by shareholders. These societies offer a range of financial services but have historically concentrated on taking deposits from savers and lending the money to borrowers as mortgages, hence the name. In the mid-1990s many societies “demutualised” and became banks. One academic study (Heffernan, 2003) found demutualised societies’ pricing on deposits and mortgages was more favourable to shareholders than to customers, with the remaining mutual building societies offering consistently better rates. In 1900, there were 2,286 building societies in the UK; in 2011, there are just 51.