The new account, known as (sum)¹ - pronounced someone - offers the younger generation a range of trendy, branded bank cards, which include Batman, Superman, Cow and Chicken, Tweety, The Powerpuff Girls, Taz and Ed, Edd n Eddy. In line with the trends, the generic ATM card has also been redesigned. This is the first time that the licence holders, Warner Bros., have allowed their properties to be featured in this way.

The (sum)¹ account is part of Standard Bank's strategy of attracting the youth (Y-generation) to banking and retaining them, as well as encouraging active use of the account. It is available to young people up to the age of 24, provided they are full time students. The bank currently has 350 000 AutoClub account holders in a market that comprises 1.75 million bankable youngsters.

The bank's independent counselling service provider, ICAS, has also offered to provide counselling services to the Trust's projects at no cost.

Says Peter Wharton-Hood, Standard Bank Retail Banking Managing Director: "Banks have traditionally neglected the needs of the youth. We have tended to focus on satisfying parents' needs without finding out what the target market want. We believe the (sum)¹ account will make banking far more desirable and exciting. No other bank offers anything like this. "We have concentrated on what drives the youth. This is a market that follows trends and is constantly shifting. We need to remain an integral part of their lives."

He says the aim was to develop a product that makes banking relevant to the youth and at the same time offers them an incentive to save.

The card can be used as a debit card to buy goods and services at a wide range of stores and outlets. As with any debit card, goods can be purchased only if the account has funds in it. This card replaces cash. It is often far more cost effective and safer.

Once an account is opened, the customer receives a trendy and functional welcome pack comprising a CD-rom and an information booklet on how their account works. They are able to choose from seven different cards and have the option of the generic card. The idea is to provide the customer with the card that relates to them.

"They are also given a "Check it out" booklet with a large range of benefits. The vouchers include discounts and special offers linked to movies, clothing, music, youth magazines, fast-food, Internet service providers, travel, accommodation, cosmetics, and computer software.

Standard Bank's partners in this initiative include Nu Metro, KFC, World Online, Virgin Active, Edgars, Gotcha, bluebean.com, Clicks, Electronic Arts, Fuji Film, Atoll Publishing, Book-Inn Travel, Stannic, t-rex, Swatch, Kalahari.net, Microsoft, Sony Ericsson and MTN.

The booklets are updated every three months and posted directly to cardholders. They are valid only when using the debit card to make a purchase. The booklet is a content rich information device that provides tips on SMS chat, logo and ring-tone downloads and much more.

"We did extensive research among teenagers, students, children and parents. Everyone loved the zany, unusual cards and wanted one. We have never seen research test this well," says Wharton-Hood.

An interactive web site is also being developed. This features online banking at a 50% discounted rate, online shopping, entertainment information, competitions, airtime top ups, links to useful and educational sites, many techno benefits, links to international affiliates and various downloads and fun activity.

(sum)1 offers

Costs

Pay using Maestro debit card	R2.20
Cash withdrawal at a store with a Maestro sign	R2.40
Cash withdrawal at a Standard Bank ATM	R4.00 for the first R100 (or part thereof) drawn, plus R1 for each additional R100 (or part thereof) drawn
Cash withdrawal at other ATMs	R5.20 (Saswitch fee) plus normal withdrawal fee

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