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Best Savings Account For Kids

Personal Finances 4 min read

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Finding the best savings account for kids doesn’t have to be complicated. Savings accounts can foster good saving and spending habits, and your child will probably enjoy watching their savings grow. First Bank offers the best savings account for kids in North Carolina and South Carolina.

First Bank makes saving easy with our MyFirst Savings account. With this account, your child (under 18 years of age) can save money and earn interest. MyFirst Savings includes:

  • 2 free withdrawals per month*
  • No minimum balance to earn interest
  • Interest-earning account
  • $10 minimum required to open account
  • Free online and mobile banking*
  • Free online bill pay
  • Free eStatements or paper statements

The best part? There is no monthly service charge for this account. So you won’t have to worry about your kids’ savings being cut into by costly fees.

Best Savings Accounts for Any Age

Lead by example with one of First Bank’s five other savings account options. We offer savings plans for adults that range from basic savings accounts to accounts that can help you save for anything—from college to retirement. They are:

  • Everywhere Savings—a simple savings account with a competitive rate
  • Money Market—offers higher rates and access to your funds
  • Certificates of Deposit—enjoy a guaranteed return with a fixed rate and choice of terms
  • IRAs—a long-term savings strategy with tax advantages
  • Health Savings Accounts (HSAs)—a way to save for current and future healthcare expenses

To learn more about First Bank’s savings accounts and why we offer the best savings accounts for kids, visit a branch near you.

Teaching Your Kids to Save

Children often learn their saving and spending habits from their parents, so teaching your children how to save money can be essential to their future. Children who grow up without knowing how to save money, budget, or pay bills often make poor financial decisions in the future. Follow these tips to teach your children the importance of saving money:

  1. Allow your child to earn money — try assigning your child age-appropriate chores then give him or her a weekly allowance when they are completed.
  2. Let your child spend money — allowing your children to purchase things they want with their own money will encourage them to earn money.
  3. Help your child save money — help your child save a certain percentage of his or her earnings by placing them into a savings account.
  4. Develop a budget with your child — help your child work toward a savings goal, such as buying a new toy or item of clothing, and help them decide how much money to put aside each week.
  5. Provide positive and negative consequences — provide positive reinforcement when your child sticks to savings goals and don’t be afraid to allow them to feel the consequences of poorly managing their money.

Once you’ve talked to your child about the importance of saving money, consider getting them started with their own First Bank savings account.

Withdrawal fee of $2 each after the first two during the month. Federal regulations limit withdrawals of preauthorized transfers to two (2) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases. You may conduct an unlimited number of withdrawals at the ATM, in person at a branch, or by mail when the check is mailed to you. While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply.

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Sources:

Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186

Investopedia: http://www.investopedia.com/terms/c/certificateofdeposit.asp

Investopedia: http://www.investopedia.com/terms/i/ira.asp?lgl=rira-layout

Investopedia: http://www.investopedia.com/terms/h/hsa.asp

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