As parents, we all want to set our kids on a solid financial path. A great way to do this is to open a savings account with them.
Is there an ideal age for a child to have a savings account? It partially depends on the child. They should have a beginning understanding of money, usually around age six. Keep in mind that the earlier you open one for them, the longer they (and you) will have to grow their savings.
It’s extremely easy to open a savings account for your child, it’s just like opening one for yourself. You’ll want to bring their social security card and birth certificate or student photo ID. Your son/daughter doesn’t need to be there for you to open an account for them, but it will be the best for them in the long run if they’re part of the process.
There are several great reasons to open a savings account for your child:
- They learn basic math skills
- It shows them how money can grow if they save it
- They learn the value of money
- It teaches them to plan ahead when they want to buy something
- They learn how to focus on their goals and make priorities
WWFCU of course! We have a youth savings account that has a higher interest rate than our general savings account (for the first $1,000 saved). Plus, your kids will have a chance to win gift cards when they save at WWFCU.
- Raffle to Winnings (ages 0-17)
Each deposit your child makes is an entry to win a quarterly prize drawing of up to $20.
- Save More to Win More (ages 14-17)
For each deposit (up to $10 per day) they make, they get an entry on a card up to ten entries. Once a card is full, your child will receive a $10 Visa gift card.
Stop by today to open a youth savings account for your child. If you have any questions, contact a Member Service Representative at (734) 721-5700 or at our branch.