Savings Accounts for Kids (and Why They Need One) | St. Johns Bank
Experts agree that children should have an account dedicated to saving money. If you are unsure if you should open a savings account for your child, or where to start, read on to learn more about the options available.
Saving Money = Solid Financial Foundation
Every person, regardless of his or her age, should have a savings account to continually add to. Kids are no exception!
Even before they get a source of income, kids can use a savings account. The account can be utilized by adding money from monetary gifts or transferring a certain amount from a parent’s bank account regularly.
The Benefits of a Youth Savings Account
There are many benefits of a youth savings account. Not only do savings accounts offer a safe place to keep money, but they offer many teachable moments that parents can use when introducing children to the concept of banking, savings and money management.
While money management may be a challenging concept for children to learn at first, it can be taught in an age-appropriate manner to help them understand over time. A savings account can encourage children to put aside some of their birthday money and eventually add money from a part-time job or an allowance. This savings mindset will benefit children well into adulthood.
Another benefit of opening a savings account for children includes a solid foundation for a savings goal later in life. Some parents choose to open an account with college in mind, while others want to provide a little cushion for their children as they grow.
Savings Account Options
St. Johns Bank offers a Super Savers Youth Savings Account to satisfy the financial needs of our youngest customers. This savings account can be opened at any age, and once the owner of the account turns 18, it automatically changes into a traditional savings account.
Whether you are looking to save for college tuition or simply want to have a little nest egg started for your child, there are secure options for your family.
Ready to get started? Visit our website today to learn about our savings accounts!