Find the Best Accounts for Kids and Teens
Oh the difference a few years make, especially in children. A 9-year-old and a 14-year-old may only be 5 years apart, but the gap is much greater when it comes to wants and needs. And there’s also a difference in what each needs for a bank account.
Dollar Bill and the gang help kids in the Save it Today! Kids Club learn about money.
Kids Club Savings Account
For younger kids, it’s important to learn about saving those babysitting, lawn mowing, or birthday dollars in order to achieve short-term and long-term goals. Those might involve the purchase of a small or large item, such as a game or a bicycle.
When kids open a “Save It Today!” Kids Club Savings Account, they get a special dividend rate on their savings up to $500, which means they’re earning money on their money. They also get a birthday card from our club mascots, and access to a terrific money management learning page here.
Student Silver Checking Account
Older kids have different savings needs. They may have regularly occurring expenses such as a cell phone bill or a fitness club membership. They likely have more regular income from a part-time job, as well. When there is more cash moving from income and expenses, a checking account helps manage that. For our youth members aged 16 to 22, the Student Silver Checking account (#myCASH) is perfect for managing day-to-day purchases and income.
Since this group might also be saving towards college, they can still use their Kids Club savings account to meet that goal. It has the highest interest rate of all of our savings accounts (check it out here!) When they turn 18, the Kids Club savings account would automatically be transitioned into a regular savings account.
Savings for college? See how your dollars can add up with our savings calculator!
We Can Help!
If you have any questions about the best checking and savings accounts for our youngest members, call us at 603-645-8181.
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