There’s no better way to help a child learn the value of saving money than to actually help them do it. One way to get them started: Make three jars. Label one for “playing,” one for “saving” and one for “sharing.” When they get a little older, it will be time to introduce them to the credit union.
Obviously, children can’t enter into contracts with financial institutions on their own. As a parent or guardian, you retain overall control of your children’s accounts. You can set parameters to grant your children more control and more access to their accounts as they grow older and more mature, and you can revoke it at any time.
Children’s savings accounts are generally designed to accommodate smaller account sizes. Many will have no monthly or annual fees, for example, and will have very small (or no) amounts required to open an account.
At Wasatch Peaks Credit Union we offer an array of savings accounts; including our MONEY MOO$E™ Kids Club Savings Account. The MONEY MOO$E™ Kids Club Savings Account is a dividend-earning savings account for kids up to age 12. It’s never too early to start teaching children the importance of saving for the future.
The MONEY MOO$E™ Kid’s Club Savings Account:
Makes Money:
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Earns a dividend with $5.00 minimum balance.
Saves Money:
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No fees or service charges.
Peace Of Mind:
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Save money for short-term needs or unexpected expenses.
Convenience:
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Access your account information 24 hours/day, 7 days/week, 365 days/year with Online Banking.
Insurance:
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Account is insured up to $250,000 by the NCUA. a U.S. Government Agency.
Dividend:
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A dividend is paid monthly on all Regular Savings Accounts.
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Dividend is calculated on the actual daily balance.
Statement:
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e-Statement or mailed quarterly.
