Tigers, lions, elephants, zebras and even panda bears are waiting to greet your children at a local bank. Well, maybe not personally. These animals are all part of the Savings Safari adventures that banks are establishing to help generate interest in saving money among the future generations of bank customers.
Get Kids Excited about Money
If you want to get your children excited about money and more interested in saving money than spending it then a bank account for kids with the Savings Safari program could be your best choice. This bank savings accounts is designed for children from birth to the age of 13. The idea behind the Savings Safari bank accounts is to encourage children to handle their money in a responsible manner. When you begin teaching kids about the power of saving money at an early age you are also helping them establish a sound financial footing early in life.
Some of the larger banking institutions may not offer the Savings Safari accounts because these types of saving accounts do not generate lots of revenue for the banks at the beginning. This is why you might first want to check with a local credit union or a community bank to see if they offer the programs. You can also go to the customer service department at your regular bank and ask if they are participating in the Savings Safari program. All banks are not actively advertising these “kid friendly” savings plans but still many offer certain bank accounts for kids.
Setting up a Savings Safari Kids Bank Account is Simple
In fact it is easier to open one of these accounts than it is to open a normal bank saving account. You are able to open your child’s personal savings account with an initial deposit of only $5-25. Of course you can also establish one of these bank accounts with a deposit that is higher than this amount, but the ability to begin with a small amount of money makes this a great option for families who are working with tight budgets.
Imagine how excited your toddler will be when you take them in to the bank and they get to be the customer instead of just standing quietly by your side. The customer service specialist will treat them in a “grown up” manner and your child will be delighted to know that they now have “real money” deposited in their name and in their own bank savings account.
The Savings Safari Account is More Than Financial Education for Kids
The Safari theme extends to books, toys, coin books, cards, small piggy banks and other promotional items that the bank will give to your kids to help encourage them to save their money. All children love the idea of safaris, jungles and wild animals which makes this adventurous theme an ideal way to capture their imagination and attention. Who knows? One day they may save enough money to pay for a real photo safari to nature preserves in South America, New Zealand or Africa.
Children who sign up for a Savings Safari bank account will be rewarded throughout the year for their efforts to save their money. On their birthday the bank will send them a card announcing that they are receiving a gift of money to be added to their account. In most instances this will be $5 and what kid doesn’t enjoy getting a surprise gift of money? There may be other vouchers sent out periodically and your child will be able to redeem these for a small amount of money or a prize depending on which bank or credit union you are associated with.
There are even contests and special drawings during the year that some banks are offering to add extra incentives for their smallest depositors. The idea behind these promotions is to make sure that children have a positive view about banking and finances in general. Getting youngsters excited about kids savings accounts and banking for kids early on is great in so many ways including educationally and individually.
Hopefully through the Savings Safari programs the new generation will begin to learn valuable lessons about how to make their money work for them. With this kid friendly banking initiative saving money instead of spending it will be something that your children will enjoy doing. This means that they will have a better understanding about the right way to budget, spend and save in the future. What better lesson could any child be taught than how to be responsible with money?
Finding a Savings Safari Bank Account For Your Child
Be sure and check with the bank about the rules for their Safari Kids Savings program. Some have age requirements of 0-12; others list ages 0-13; and a few will even continue the program for children who are older than 13. One of the programs for kids aged 0-17 is offered at American First Credit Union and more information can be found there.
At the E&A Credit Union the kids get a Safari themed Passport to Savings bankbook. They collect stickers for deposits and can redeem these stickers for promotional prizes such as banks and calculators. Kids will also receive coin savers to use at home to hold the money they are saving to deposit in their bank account.
The Public Service Credit Union is another proud participant in the Savings Safari program for kids. You can also find information about these Savings Safari bank accounts at Foothills Credit Union or you could check out Generations Credit Union for another option.