IF a rising tide lifts all boats, it probably explains why the rising economy has spurred on the banks and building societies to look after the littlest boats floating around in their respective seas primary and secondary level schoolchildren.

First National Building Society is the latest institution to revamp its products for children, with the introduction of two new savings accounts, the Beehive, aimed at 0 to 9 year olds and First Trend, aimed at 9 to 15 year olds.

Children's accounts always include a gift of some kind and these are no different - if the child is under three, they receive a black and yellow Busy Bee soft toy while the older age group receives a well stocked, zipped pencil case.

It only requires £5 to open this account and to start the child off, First National will give them special money bags in which to collect their first £5 worth of coins. (The new anti money laundering legislation requires parents and children to produce identification when opening an account.

Interest is paid twice a year on both accounts.

This latest promotion to attract the youngest savers (AIB recently relaunched their child and adolescent accounts as well) is no half hearted effort: First National has put a lot of thought and not an inconsiderable amount of money into the campaign. Any why not? With the average First Communicant reckoned to be receiving in the region of £100 in cash gifts and 20,000 children making their First Communions each year, that £2 million in new savings is well worth competing for. The Post Office acknowledges the importance of its young savers and has a huge network of school post office accounts, the value of which is several million pounds. The two main banks also organise school banks with the assistance of local branches.