NBSB Celebrates Teach Children to Save Day with Valuable Advice and Resources
North Brookfield Savings Bank is celebrating Teach Children to Save Day with savings education on their website and social media platforms. Local students, grades K-8 are invited to explore Banking Careers, Interest, Making Decisions, Recognizing Money and Saving for the Unexpected.
Established by the American Bankers Association Foundation in 1997, Teach Children to Save and the Foundation’s other financial education initiatives have helped reached 10.5 million young people through the commitment of more than 260,000 banker volunteers.
“Familiarizing students with financial education fundamentals at an early age puts them on a path to becoming smart money-managing adults,” said Patty Ostrout, Senior Vice President of Retail Banking “Teach Children to Save is a great opportunity for us to share our passion for financial education and improve our local community.”
There are many options for students when it comes to having their own bank account. Forming strong financial habits early allows your child to get started off right on their journey to financial wellness.
High Five Savings Account:
- Offers a Premium Rate* and is available to children and young adults under 19 years of age.
- Minimum to open: $1.00
- NO minimum weekly deposit required
- NO monthly service charges
- FREE 24 hour telephone banking at 800-433-3781
- FREE Online Banking
- FREE Mobile Banking with Deposit on the Go
- Direct deposit
- Cash for good grades
Teen Checking Account:
- Non-interest bearing account available to teens ages 15-18.
- Minimum to open: $10.00
- FREE basic style checks up to conversion of account at age 19
- FREE unlimited checking
- FREE ATM transactions at SUM® & MoneyPass® ATMs
- FREE Debit card
- FREE Online Banking
- FREE Mobile Banking with Deposit on the Go
- FREE 24 hour telephone banking at 800-433-3781
- eStatements for monthly account statement
- Direct deposit
Cash for good grades:
- The cash for good grades incentive is a maximum of $20.00 per school year,
School Banking:
- North Brookfield Savings Bank is present in North Brookfield, East Brookfield and Brookfield Elementary. If we are not participating at your child’s school we can provide this service in branch as well.
North Brookfield Savings Bank offers the following tips for money-savvy parents raising money-smart kids:
- Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents’ personal finance habits.
- Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions and be prepared to answer them – even the tough ones.
- Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
- Open a savings account for your children and take them with you to make deposits so they can learn how to be hands-on in their money management.
- Let friends and family know about your child’s savings goal. They will be more likely to give cash for special occasions, which means more trips to the bank.
- Put the literacy in financial literacy. Encourage your children to read books that cover various money concepts. Not only will they become strong readers, but they will be smart money managers, too.
- Engage your community. Many schools, banks and community organizations share your commitment to creating a money-savvy generation. Engage a coalition of support to provide youth with the education they need to succeed.
The ABA Foundation provides financial education initiatives and resources that help bankers make their communities better. The association’s signature initiatives, Teach Children to Save, Get Smart About Credit, Lights, Camera, Save! and Safe Banking for Seniors bring bankers and students of all ages together to enhance financial education.
Pairing these learning opportunities with the great products at North Brookfield Savings Bank can help prepare your children for a stable and reliable financial future.
