NatWest has reinvented its popular pigs to coincide with the launch of a children's savings account, but while money boxes based on the goggle-eyed "Pigby and Friends" are likely to appeal to young savers, the rates attached to them won't be hogging the best-buy tables.
The bank is giving a Pigby money box to everyone who opens its First Saver account, but experts say it is a pig of an offer given it pays a measley 1% on balances up to £25,000, and just 0.5% over this amount.
Susan Hannums from website Savings Champion said: "The rate being paid on the new First Saver account is pretty poor. You don't have to look very far to improve it; in fact many high street names offer rates far better than the NatWest account."
For example, both Halifax and Lloyds TSB have a young saver account paying triple the rate at 3%.
The original NatWest pigs were a set of five china money boxes given to children in the 1980s as their savings balance hit milestones up to £100.
The new characters are based on the drawings of 13-year-old Kwamina Longdon, who won a national competition, and designed by Aardman Animations, creator of Shaun the Sheep and Morph. A savings smartphone app featuring Pigby and Friends will follow later in the year.
Andrew Hagger from Moneycomms.co.uk said: "I think it's important that all the banks up their game in this area to help children appreciate the value of money and get used to managing and saving their cash."
