Every 11 year old in the borough will be given a free £20 voucher to open a savings account by the council – double the original offer.
Any keen young saver in year six will have to sign up by September 2, as part of the Southwark Smart savers scheme launched last year.
The scheme aims to help young people save and teach them about how to be responsible with money.
The Smart Savers vouchers can be claimed by visiting any London Mutual Credit Branch, with a Southwark voucher letter, proof of address and child’s birth certificate or passport. To be able to claim this year’s voucher your child would need to have been born between 1 September 2004 and 31 August 2005. Year three of the Smart Savers scheme will be launched in October and will be for children born between 1 September 2005 and 31 August 2006.