The Benefits of Opening a Savings Account for Your Child

April is National Youth Month, a month designed to encourage kids to start developing healthy savings habits. We believe it’s never too early to begin teaching your children financial responsibility, so let’s take a look at a few of the benefits of getting your kids an account at a credit union.

Teaches self-control – While receiving an allowance in the form of cash is a solid option, having a stash of dollar bills burning a hole in your child’s pocket can make it easier for him or her to spend the money they earned frivolously. By depositing the money in an account, you create some distance between the child and the money, so he or she can think before spending.
Helps instill financial responsibility – The simple act of putting money into an account and watching it grow over time is a great way to teach your kids the importance of saving up for the things they want. It also opens up the opportunity to teach your children about various charges and transactions, as well as opening up conversations about accruing interest.
Make depositing money easy – As more and more people continue to move away from carrying physical cash, opening an account for your child eliminates the need to remember to take out cash altogether. By linking your account to your child’s, you can send money directly from your account to your child both quickly and safely.
Incentivize saving money – Many financial institutions offer fun savings incentives along with their accounts designed for younger members. Guardian Credit Union is no different; for every deposit a Kids Club member makes in person, he or she receives a token to redeem in our prize machine. Learn more about our Kids Club Savings Accounts.

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