Romulus and Redford families want the best financial security for their children, and there’s no better way to help set them on the right path than by opening a kids savings account. With a child savings account, your kid can put their money in the bank, earn interest, and learn more about the value of saving. Learn more about how to set up a child savings account and the benefits it will offer to your child now and for years to come with the financial professionals at Public Credit Service Union.
Benefits of Kids Savings Accounts
While you may have given your child a tiny piggy bank to store their cash and coins during their first few years, it may be time to put that money in a more secure place where they can watch it gain some interest. A child savings account can have joint ownership with parents so you can help your child manage their money until they are ready to do so on their own.
If you set up a child savings account for a child between the ages of 6 or 10, it can provide them with another avenue to develop their counting and math skills. This also enables you as a parent to show them how credit unions or banks work and begin good saving habits, such as setting financial goals and having patience and self-control when it comes to spending and saving their money.
How to Open a Kids Savings Account
When it comes time to set up a child savings account, there are some important tips to keep in mind:
Ensure your child savings account has secure online banking, so you can easily monitor their finances.
You'll also want to get into the habit of visiting the bank with your child, so they can see their deposits happen in real-time and develop proper bank etiquette like writing a check, using the ATM, and so much more.
Make sure you don’t have to pay a minimum balance or worry about monthly maintenance fees. This is necessary for some kids savings accounts.
Financial Tools for Your Family at Public Service Credit Union
As you can see, setting up a child savings account can help your child get more out of the money they put into the bank, as well as establish good saving habits as they grow. At Public Service Credit Union, you can learn more about short-term and long-term financial planning, saving for retirement, and so much more. You’ll also find reliable checking and saving solutions to help you manage your money on your own terms. Contact us today for more information on our financial services available to Detroit customers!