If your child looks forward to receiving a weekly allowance, has gotten a visit from the tooth fairy, or gets a yearly monetary gift from their grandparents, it’s time for them to have a savings account. Many banks offer child-friendly accounts with excellent incentives that not only encourage saving but make the process fun. Hawaiian Tel Federal Credit Union, with 11 branches on Oahu and one set to open on Maui, offers a special Kids Club to encourage young savers.
Here are three reasons you should provide your child with their own savings account at Hawaii’s most trusted credit union:
- Start the Habit of Saving: When they have a personal savings account, children learn to appreciate the value of money and develop saving habits that will last into adulthood. Kids will be motivated to save money for a special occasion like a vacation trip, a gift for a parent or sibling, or even a college education. Watching their balance grow and earn interest will motivate them to save even more.
- Enjoy Fantastic Freebies: Hawaiian Tel Federal Credit Union offers outstanding incentives to young customers who open a savings account, including a gift on their birthday as well as stickers and a stamp on their account passport with each deposit. For every $100 they put in their savings account, they will receive Kids Club tokens they can trade for merchandise. There is no fee for this account as long as your child maintains a balance of $25 or more.
- Learn About Personal Banking: By having their own account, your child will experience the convenience of withdrawing and depositing money. Hawaiian Tel Federal Credit Union even will provide kids with a coin folder they can fill and redeem for coupons. Your child will learn to interact with tellers and keep track of their savings account passport as they learn the basics of personal banking.
Teaching kids to save will help them develop a healthy relationship with money and provide a strong foundation for their future financial life. Hawaiian Tel Federal Credit Union makes the process easy and fun with their Kids Club savings account. To learn more about their services and find your nearest location, visit hitelfcu.com or call them on Oahu at 832-8700 or toll-free at (800) 272-5255.