If you want your children to be a financially responsible adult, get started today by teaching them how to properly manage their money. Teaching your children how to earn, manage, and save money will provide them with the fundamental tools they need to achieve financial success in the future.
Opening a children's savings account at your local credit union for them now is a great way to teach them about money and smart savings habits. Here are some of the ways a children's savings account can help your little ones grow into a money savvy adults.
6 Reasons to Open a Children's Savings Account for your Little Ones
1. Teaches Them About Money
Teaching your children how financial institutions work and the advantages of having their own savings account is a savvy parent move. Learning about saving, spending and giving will positively help them as they enter adulthood. They'll have a better understanding of how to grow their money by depositing it into an interest-bearing savings account and building budgets when it comes to spending and giving back to their communities.
2. Starts Good Savings Habits Early
It is important to learn how to save and properly manage money at a young age so that your child will be prepared to continue these positive habits as they grow older. It takes some time to learn financial responsibility, so the sooner you open a children's savings account – the better!
3. Teaches Them to Stay Focused on Their Goals
A children's savings account is the perfect way to help your little ones stay focused on their goals. Seeing their money grow over time with regular contributions will show them that they can meet their goals with a little patience and financial discipline.
4. Teaches Them to Save for the Things They Want Until They Can Afford It
Setting up a children's savings account helps them learn the difference between needs and wants. Understanding that actively saving for something they want, before purchasing it, is a necessary budgeting skill your children must have before they take on managing a credit card as young adults.
5. Helps Encourage Saving at Home
It's a good idea for parents to remind their children to save money whenever possible. Encourage them to deposit a portion of their allowance and money received as gifts into their special credit union savings account. Consider additional incentives like offering to match a portion of their deposit to encourage them to save more.
6. Provides a Stepping Stone to a Strong Financial Future
Opening a children's savings account at a young age can also put your little one in a good position to cover expenses when they become young adults. Having a nest egg already saved for things like gas and insurance for their car, college tuition, or their first apartment will help ease them into adulthood and the expenses that come along with it. Teaching your child about saving money now gives them a jumpstart into being financially fit in the future.
Looking for the right Kids' Savings Account? We Can Help!
Peach State Federal Credit Union is the perfect place for your child to learn about money management. The Berenstain Bears® Financial Literacy Program Cub Account was created especially for young savers and teaches youth good financial habits that will last a lifetime. This special account helps teach kids to save, share, spend, and earn money wisely.
The Berenstain Bears Cub Account is available for kids between the ages of 0 and 13 and can be opened with just a $5 minimum deposit! Your young saver will even earn 3.00% APY on their first $100 worth of deposits.1
Other perks of the Berenstain Bears Cub Account include an official welcome kit with a book and piggy bank! Kids can bring their piggy bank back to Peach State Federal Credit Union during their birthday month to have their savings matched up to $10!2
Find the closest Peach State Federal Credit Union branch today to open your Berenstain Bears Cub Account and to learn about more opportunities for your young saver!
1 Annual Percentage Yield (APY) current as of 1/25/22. 3.00% APY on balances up to $100.00; 0.05% APY on balances $100.01 and higher. Rates may change after the account is opened. Terms, conditions and services are subject to change without notice. Fees could reduce earnings on the account. Certain restrictions may apply. Subject to membership eligibility.
2 Must be current Cub Account holder. Must present coupon and Berenstain Bears piggy bank. Standard coin machine fee will be waived, only for the purposes of this coupon.
The Berenstain Bears® Copyright, Berenstain Enterprise, Inc. 2022.
