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Does Your Child Need a Savings Account?

Opening a savings account for your child is one of the best ways to introduce them to the concept of saving at an early age. It’s a skill they will use throughout their life, so teaching them about money and financial literacy at an early age has many benefits.

Opening a savings account for your child can help:

  • Teach them to plan ahead.
  • Demonstrate how to stay focused on goals and priorities.
  • Show them how their money can grow with compound interest.
  • Develop the habit of saving for the things they want until they can afford it.
  • Teach the value of money and the importance of not wasting it.
  • Develop basic math skills.
  • Teach them how to manage money.

At First Independent Bank, children 12 and under receive a free piggy bank at account opening!

We also offer:

  • Competitive interest rates
  • Interest accrued on daily balance
  • Interest paid quarterly
  • Quarterly statements 
  • $25.00 minimum opening balance

A kids’ savings account is a safe place for your child to keep their money and develop good savings habits! Click here to meet our personal banking team and reach out about opening an account for your child.

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