| It doesn't seem the time to start writing about savings, | | | | when the child becomes an adult the expectation of |
| what with the all the financial turmoil that is going on | | | | the bank is that it will stay loyal. |
| around us. But this is exactly why we should be writing | | | | Some more enlightened institutions might actually |
| and talking about it and we should be teaching our | | | | celebrate the child's birthday by sending it a small gift |
| children good saving habits. | | | | certificate; some banks will even add a few bucks to |
| Watch out for a program in your local area where | | | | a child's account if they come into the bank in person. |
| banks and credit unions set up shop to encourage | | | | But goodies don't keep coming for ever, after 13 the |
| young children to open accounts. They make it fun and | | | | certificates dry up! |
| interesting and if they get the savings habit now it will | | | | As the years roll by and the child eventual becomes a |
| stand to them in years to come. | | | | young adult and later a fully grown adult they will have |
| My favourite recommendations for children's accounts | | | | learned a lot about saving as they watched their |
| are the credit unions, for several reasons. To begin | | | | money grow. Having been in and out of the bank on |
| with they are community based; they are off the | | | | numerous occasions they will know exactly what a |
| community and for the community. In my experience | | | | bank does. |
| they help children value commitment to community | | | | As mentioned above the institution will hope to benefit |
| programs. | | | | by have a childhood relationship develop into an adult, |
| Secondly, been honest, short term children's accounts | | | | and more profitable relationship. Remember also that |
| are not especially profitable for the bank, $5 here $5 | | | | the longer your child holds a bank account the better it |
| there will not make the local manager many big bonus. | | | | will be for their credit rating when they become an age |
| The account is expensive to operate and as far as | | | | where that is important. |
| the bank is concerned gives little return. | | | | It is important that we build confidence in our children in |
| What a children's account can do for a bank though is | | | | the countries financial institutions, what better time to |
| to create in the child's mind confidence in that bank and | | | | do it than now? |