Gulf Bank encourages parents to give teenagers more financial responsibility

"The teenage years are the perfect time to learn how to manage your finances," said Ms. Ebtihaj Al-Roomi, Gulf Bank's Youth Manager. "Designer jeans, computer games, going out with your friends - these things all cost money and it's important for young people to know how to keep their spending habits under control."

"Giving your teenage son or daughter their own savings account is an excellent way of guiding them on the path towards financial independence. Gulf Bank has a tailored banking programme called Freedom, designed especially for teenagers between the ages of 14 and 17."

Gulf Bank's Freedom programme offers teenagers the choice of an interest bearing or non-interest bearing savings account. There are no fees, regardless of the balance in the account, and there is no minimum deposit required to open a Freedom account.

Freedom offers a uniquely designed Visa Electron ATM card and easy access to telebanking and Gulf Bank's online personal banking service. Teenagers who sign up for Freedom receive a valuable welcome kit. Freedom account holders enjoy exclusive discounts at selected shops and restaurants and can win exciting prizes such as a laptop computer, iPod video or Sony PSP in the monthly Freedom draw.

Gulf Bank is currently inviting parents of eligible teenagers who have previously held Nassour or Boom accounts, designed for children up to the age of 13, to transfer these accounts to Freedom.

"There's no better time to take the first steps towards financial freedom and maturity," Ms. Al-Roomi added. "And there's no better banking programme than Freedom. It's the most rewarding account for high school students in Kuwait."