Teaching your kids about money, how to save it, and the importance or financial responsibility are all great lessons. One way that you can teach them even more about how to manage their money and the value of saving is to allow them to open their own kids bank account. There are many financial institutions today that offer special accounts for kids that will help them to learn important financial lessons like money management and more.
Many credit unions and banks have specialized programs, often called Savings Safari or kids’ bank account, although some may have different names. These are specific accounts that are designed for younger kids and they only require deposits of $5-25, depending on the specific bank you are working with.
The goal of these special kids bank accounts is to make it fun and interesting for them to save money and learn how to manage it. Toys, savings books, materials, and even piggy banks are often given to the kids when they open up the account. They often receive free vouchers for birthdays and other important events. Games and contests are even run for kids that have these accounts as well.
Not only will kids learn the value of saving money with these special kids’ bank accounts, but they can learn more about managing the money that they do have as well. Financing basics are taught with these accounts. Kids are able to look at the money they have, how it grows with interest, and it not only boosts finance information but encourages them to develop more math skills as well.
With these special kids bank accounts, lessons in finance become fun for kids. They are given more responsibility than a simple piggy bank can provide, and not only will they learn important lessons, but they will also have a nice amount of money built up when they get older.