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Four Tips for Starting a Bank Account with your child

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Opening a bank account with your children is a great way to teach them how to budget and save their money which is a valuable tool that they will need later on in life. Children will learn that they can earn interest on their money in a bank vs. sitting in their piggy bank which will help to instill smart money skills in your children at a young age.

Make it Fun
Before helping your kids to start their first bank account, you’ll want to encourage them to earn money for their first deposit in a fun way. Help your kids open a lemonade stand, make crafts for selling or give them an allowance for helping with household chores. Not only will your kids earn money for their first bank deposit but they will also begin to learn the value of a dollar.

Education is Key
Talk to your children. Before opening a bank account, it is vital to tell your children how a bank account works. Show them what a bank statement looks like, how to monitor their account and how to keep their private information safe and secure.

Be supportive
Once your children have earned money for their first deposit and have learned about how a bank account works, it is time to help them open an account. The best way to open an account with your children is in the comfort and privacy of your own home by setting up an account online. By setting up the account online with your children, they will not feel overwhelmed by going into a busy bank and parents can take their time going through the process with their children without feeling rushed.

Budgeting, Saving and Giving Back
Now that your child has their first bank account it is time to help them make a budget that includes their savings goals and percentages to donate. Not only is it important to teach your children to watch their money grow in their bank account but also encourage them to give a portion of the money they earn to their favorite non-profit. Don’t forget to include long-term and short-term savings goals in your kids banking budgets.

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Wondering where to start? ECCU has been helping families with their consumer banking services for the past 50 years. They help to bring faith and financial planning together while offering families the convenience of online banking. It only takes $25 to open a personal savings account with a 0.35% APY2 with no minimum balance. For parents who are looking to invest a larger amount of money, there is a Money Market Savings account with up to 0.95% APY2.

ECCU is more than just a bank but a community partner who helps to fuel Christ-centered ministry worldwide by providing loans to churches and low-cost banking services to missionaries and Christian organizations. Together, you + ECCU = supporting and resourcing more ministry. Plus, if you open a Money Market Savings today, ECCU will donate $50 to International Princess Project to help fight human trafficking in India.

“SAVE WITH ECCU” $1,000 GIVEAWAY!
Enter below for a chance to win $1,000. The contest runs from March 5 – April 10, 2015. The qualified winner must open an ECCU Money Market Savings account where the $1,000 will be deposited. Click here for official rules.

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2 Comments

  1. Very cool!

  2. good savings plan

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