The Nottingham offers young savers the chance to start collecting a set of legendary money boxes
We’ve enlisted the help of the ‘legendary’ hero Robin Hood to help encourage children in the region to get into the savings habit. However, this Robin Hood is only 15cm high, has a slot in his back, is made of high quality, hand painted pottery - so what’s going on?
We’ve launched a new Robin Hood Young Saver account. It can be opened with just £1 and there’s a free limited edition Robin Hood money box and goody bag with every account opened (terms and conditions apply). But it doesn’t stop there. When the child has saved £500 they qualify for a second money box, Friar Tuck. On reaching £1000, they can get The Sheriff of Nottingham and at £1500, they can complete the set with Maid Marian.
In addition to starting their collection of hand painted moneyboxes they receive 3% gross per annum/ AER* (fixed** until August 2015) on their savings. The account offers instant access and up to £100 can be saved every month. The account officially launches on 6th January 2014 and can be opened at any branch of The Nottingham Building Society.
Simon Taylor, Chief Operating Officer tells us about the account and the money boxes, “We wanted to bring the fun back into saving and encourage children to start recognising the value of saving for the future. With this in mind we decided to create a set of high quality moneyboxes that children will love to use.”
“As a regional mutual we felt it was important for us to use a local supplier and support local business and we are delighted to be working with Pointers who are based in Stoke on Trent.”
Sam Spencer, owner of Pointers who are manufacturing the moneyboxes, believes that they are probably the last remaining pottery manufacturer that could make these figures left in the UK. Outside of the UK, the only other manufacturers of pottery figures and money boxes are located in the Far East. The whole production of the moneyboxes is being carried out by the family firm with three generations of the family involved Sam Spencer (70), Sam Spencer (Son, 36) and Sam Spencer (Grandson, 17), this includes initial design, casting, hand painting and eventual firing. All the money boxes are hand painted and finished and because of this every box is unique. The production will guarantee work for Pointers for the next two years and has created new jobs for local people.
Simon Taylor adds, “You may remember a few years ago that a well-known high street bank produced a set of pigs to encourage children to save. Some of these have become highly collectable and can fetch anything between £200-250 at auctions and online. We hope that one day a complete set of Robin Hood, Maid Marian, Friar Tuck and The Sheriff may also be highly collectable. Opening a Robin Hood Saver account might not only be a good way to save for the future but also represent a wise investment in a set of pottery money boxes. I would love to have a set but unfortunately I exceed the age limit of 18!”
*We will pay your interest with tax taken off at the lower rate of 20% (net interest). If you do not pay tax and have filled in an HM Revenue & Customs R85 form, we will not take tax off your interest (gross interest). AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was reinvested in the account each year.
+The net rate(s) shown assume(s) income tax at the lower rate of 20% has been taken off.
** There is no guarantee that the current difference between our fixed rate and general interest rates will continue. General interest rates may fall below or rise above the fixed rate.