Managing money is a foundational life skill. That’s why it’s best to give your kids a head start on money management and saving.
In honor of National Credit Union Youth Month this April, FSU Credit Union is here to help make this task as simple as possible for parents and guardians of our youth.
FSU Credit Union is proud to offer specialized savings accounts for kids. And, during the month of April, we are offering a special 10% APY* on the first $500 on our youth savings accounts. Call us at 850-224-4960 or visit one of our branches to get started.
Ready to open an account for your child(ren)? Does your child already have one? Here are three ways to ensure that he or she gets the most out of their new or existing account:
1.) Set a goal
Let your child use this opportunity to save for something big. Together with your child, create a long-term goal, like saving up for a first car. Also create a short-term goal, like a new hoverboard. Set a date for when you hope to hit your goals.
Next, set up a savings calendar for illustrating how much money needs to be saved each month to reach the intended target on time. Discuss ways to add to the savings.
2.) Bank together
If this is your child’s first time owning an account, she’ll need you to show her the ropes. Take your child along when you stop by FSU Credit Union to deposit her savings and show her how it works. If your child asks you to withdraw money from her account, let her see how this translates into a dip for their savings.
When helping your teen child, you’ll need to walk him or her through that first deposit and withdrawal. After that, leave it to them. Make sure they understand that every swipe of their debit card means a dent in their account.
It’s also a good idea to warn kids of all ages about security. They should know to never share their account information with anyone and to keep their debit card in a safe place.
3.) Monitor your child’s activity
Always keep an eye on your child’s account. If your child is depositing less than planned, or your teen is maximizing his daily ATM allowance, speak to him about money management and impulse purchases.
Every financial lesson you teach your child today equips them with skills for a lifetime.
Your Turn: How do you maximize the benefits of having a youth account for your child? Share your best tips with us in the comments!
*APY=annual percentage yield. Information valid as of April 1, 2018 and is subject to change without notice. Youth Savings Account will earn 10% annual percentage yield on the first $500. The remainder will be paid at the applicable rate. New account has to be opened with a youth (age 0-17) as the primary and an adult (18+) as the joint owner. Member must have an active Youth Savings Account to earn the 10% APY on the first $500. The remainder will be paid at the applicable rate. $5 minimum balance and no fee to open. Interest will be earned on the full balance in the account. Calendar month interest period. Offer expires on April 30, 2018. Please see a credit union representative for complete details. Limited time offer.