Teaching youth about saving can be a hard task. The lesson of determining needs versus wants can be a challenge! Since money is meant to be both spent and saved, how can SouthPoint help you educate your children?
Where to begin
A great place to start is explaining to them that money is earned not given. Our Dollars for A’s program is a great example of that. Each quarter when the student gets an “A” (or highest letter grade achievable) on their report card, we deposit $1 into their savings account – up to $5. Students can bring in their copy of the report card to any of our branch locations to receive their earned funds for being a good student!
SouthPoint also offers an EZ-Start savings account for members age 14 or younger. These accounts offer a higher interest rate then our regular savings accounts with the only requirement being that the child is also signed up for e-statements. This is a great tool to help them watch their money grow.
Their EZ Start account can then transition to the EZ$ account when they reach age 15 and be used until they are 24 years old. They get to continue with the higher interest rate savings account and add a checking account to their product list. The requirements for this account is e-statements, an active checking account (minimum of 3 transactions each month), and a debit card. Our goal is to teach these young adults how to balance a checkbook, use a debit card and teach financial responsibility at a young age.
Helping your children learn to save while they’re young sets them up to be successful at any age!