Young people that hope to be saving money could look to Bradford Bingley for market-leading savings accounts.

The building society announced the launch of two new savings accounts aimed at children and young people that want to be saving money.

The savings accounts both offer instant access to savings and savings interest rates of 4.50 per cent gross pa/AER. In addition to this, savings account holders could earn a bonus of 0.50 per cent should they make under three withdrawals every year.

Savers under 12 qualify to open the FirstSave account with a minimum investment of £10. These new savings account holders will each receive a Penguin book when they open their savings account, and another on the anniversary of the savings account if they made under three withdrawals a year.

And once the savings account holder has his or her 13th birthday, they will be automatically transferred into the new SmartSave account.

SmartSave is aimed at savers between the ages of 13 and 25 and offers the same features of FirstSave. Instead of receiving a Penguin book however, savings account holders receive a voucher book, offering discount on CDs and magazines.

Both these savings accounts allow for electronic payments and standing orders to be deposited.

According to Steve Potter, the head of savings at Bradford Bingley, these savings accounts were designed to help young savers start saving money, and to help them understand the value of money and saving from an early age.