Introducing Explorer Accounts for Kids
We are so excited to introduce our new Explorer Accounts! These are savings and checking accounts that are for kids 0-17. The features and benefits are ones that both kids and parents will love.
We are so excited to introduce our new Explorer Accounts! These are savings and checking accounts that are for kids 0-17. The features and benefits are ones that both kids and parents will love.
So What is special about these accounts?
Lets start with checking accounts.
1. There is no age limit for an account. So even young children can open a checking account! For parents who need to send money with their child while they are on a trip with other family members or friends, this can be a huge relief. There are so many ways having a debit card can be helpful for kids of all ages.
2. There are no account fees! This makes it so much easier for kids just learning about finances when they don’t have fees to worry about.
3. A debit card is issued in the child’s names.
4. And no worries. There are parental controls and limits to help kids be smart about their spending.
5. There are no checks so this is very much a digital account. There is also no Zelle or Bill Pay.
6. Remote Deposit capture can be set up on request.
Visit our Explorer Account page to see more about daily ATM and spending limits.
Now let’s move to savings accounts.
1. The new savings account is similar to regular savings in that, you only need $5 to open it. The cool thing though? First Pioneers is going to pay that initial deposit.
2. Rates for the first $3,000 in the account are actually significantly higher than a regular savings account. After that, the rate is the same as a regular savings account. What a great way to kickstart that savings growth!
3. REWARDS! There are rewards given for the saving benchmarks that are reached, plus rewards for grades earned!!
Students simply bring their current report card and they will be awarded $5 for each A they earn that cycle!
But it’s not just grades. There are also savings benchmarks.
Kids up to 9 years old, get a token for our toy machine if they deposit $5 or more.
Kids 10-14 get a spin on the prize wheel if they deposit $10 or more. This could get them a variety of prizes including gift cards.
For the 15-17 year olds, the levels are a little different and are cash based on their balance.
Deposits are made into their account as they reach savings milestones. This ranges from an extra $5 to $30. (check out our explorer page for the exact benchmarks.)
These are great basic accounts that give kids an easy headstart on their finances.
It can help them learn to track spending how a basic account works.
It also helps them begin to understand how money really works as they watch their balance change when they deposit or spend.
The rewards are amazing too! It is so special seeing kids come in to make a deposit! Or get their reward for a report card. There is such pride in that act! Teaching them that hard work is rewarded and they feel such accomplishment in knowing they earned this!
Such an important gift to give a child. It helps them gain confidence as well.
And the spending limits help them work on money management habits.
Note: When a minor turns 18, their account will automatically be converted to a regular savings or checking account. And these accounts are federally insured through the NCUA just like a regular account.
If you have a child and are interested in opening an account for them, visit our Explorer account page or our Lafayette or New Iberia branch to learn more or to open their account today!
Bonus tip: Did you know that money habits form by age 7? AND that 57% of parents regret not talking to their kids earlier about money?
It can be hard to educate our kids on finances. Especially if we don’t feel confident in our knowledge ourselves. And many of us grew up in households where financials were a taboo subject. Our tip is to look for ways to learn and take advantage and change that trend.
First Pioneers offers financial education classes throughout the year and we aren’t the only source. When you learn, you help your child learn.
Find someone you trust and ask questions. Learn… grow… and then be willing to talk to your kids. Be willing to admit that you don’t know. Getting help and learning will help you and it will help your kids, which will help them be more secure in their futures.
And isn’t that one of the things we are all looking for for our kids?