The Save at School Savings program at WaFd Bank is a great way to start teaching kids about saving money and banking basics. With just a $10 deposit, a new account can be opened at participating schools with no fees and no minimum balance to earn interest. 1% interest is earned. Students can make cash deposits at school of up to $20 on "Bank Days" which is a fun way to start them saving money early. Kids can get the full experience and watch their money grow with their own online banking login to their personal digital piggy bank account.
Why Money Management for Kids is Important
Good money management habits for kids should start early, which only has positive effects for their future. Making regular savings deposits on a set schedule shows kids that a savings routine is just as important as brushing their teeth. Working toward your child's financial literacy (what they understand about money) with a school savings account also shows them that even saving a small amount on a regular basis can go a long way toward hitting their financial goals over time.
Benefits of a School Savings Account for Students
A school savings account has many benefits, and all of them begin with key money management and banking basics they will use for the rest of their life. Teaching kids about money early shows them what responsibility, routines, and incremental efforts can do over time. This applies to their financial literacy but also other parts of their life that can help lead to a successful future. Combine these core principles with earned interest and online banking and you'll see how a school savings account is a great tool to learn about money!
Why Choose WaFd Bank for Your Child's School Savings Account
WaFd Bank has been helping neighbors save for their future since 1917, over 105 years! We are more than invested in the future and that means finding ways to help teach kids about money is a top priority. WaFd Bank offers Youth Savings accounts to get your child or teen on the right financial path. Work with your local WaFd Bank branch to start your child with a Save at School savings account today!