Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Best Savings Account For Kids

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.

Best Savings Account For Kids

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.

———-

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

Trending Topics

Best Personal Loans – Florence, SC

What makes for the best personal loan in Florence, SC? Interest rates and other terms aside, it all boils down to which personal loan is best for you. In Florence, SC, First Bank offers a number of different ways to...

First Bank: Financing Loans for Businesses

Choosing a bank to finance the right loan for your business is a critical decision. There are loans that cater to the established business looking to expand, and there are loans for the entrepreneur just getting...

Banks in North Carolina

Did you know there are more than 100 First Bank locations in North Carolina? It’s true. You can find us in over 60 cities, mountains to coast. Did you know we’re one of the oldest banks in North Carolina? Yup,...

New Business Loan in Jacksonville, NC

First Bank helps businesses get off the ground in Jacksonville, NC with our new business loans and various sets of helping hands. Our new business loans can provide a lump sum of cash for your business to finance...

Realize Your Dream with a Competitive New Business Loan – Asheville, NC

First Bank is the lender of choice for many borrowers in Asheville, North Carolina. A new business loan can allow you to pay for startup costs such as equipment, supplies, vehicles or inventory. Businesses Loans and...

Personal Finance Articles & Advice | First Bank

Looking for advice on how to better manage your finances? First Bank’s* collection of personal finance articles can help you with every aspect of managing your funds, from saving money to investing...

Credit Cards for Small Business – South Carolina

First Bank is rooted in our dedication to small businesses and offering credit cards for your business is one way we can help. With six locations in South Carolina, First Bank is there to back all of your small business...

Small Business Loans – Florence, SC

With a rising population and a per capita income higher than the state average, Florence, South Carolina, is a promising place for new businesses. First Bank has two locations in town that offer small business loans for...

Small Business Loan Requirements – High Point, NC

If you are planning to start a business in High Point, NC, there are a few small business loan requirements that must be met. What are Small Business Loan Requirements? The U.S Small Business Administration suggests...

Banks in High Point, NC

If you’re running a comparison between banks in High Point, NC, you can use First Bank as the standard. We’ve set the bar high and are proud to be the place that other banks in High Point, NC, strive to be. Our...