Are you stumped on what to get a child, high schooler, or college student this holiday season? Give them the gift of a financial head start and a fun and educational experience as a young banker!
Think about how excited a child, teen, or young adult would be to open an envelope and see their name on a debit card or a checkbook! Opening a youth or student account is a great way to help them develop responsibility, build economic independence, and gain essential money management and financial literacy skills for the future.
Whether you open a Scholar Dollar or student account, they often have added perks. Some earn higher interest rates than traditional savings accounts and have benefits such as discount promotions for events, stores, and other activities.
By opening an account for a child or young adult, you can strengthen your bond with them as you teach them the value and advantages of money management. They will:
- Develop budgeting skills and understand that a share account is an emergency fund and a tool for accumulating money for future purchases. This will reinforce good financial habits.
- Recognize and appreciate the advantages of depositing money and earning interest. You may consider offering a matching contribution when they achieve a savings goal. These concepts will inspire an interest in investing and financial planning.
- Learn how to manage everyday financial tasks, such as splitting a check, depositing, or withdrawing cash—in person, online, or at an ATM; while remembering to follow terms and conditions to maximize benefits. This will build confidence in financial management.
- Practice and understand the importance of in-person and online security measures to stay protected. These essential skills will extend to other areas of their lives.
Offering the gift of membership will teach that special young person in your life financial skills they will use throughout their adult life. They will execute mobile deposits and transfers, use debit cards or checks, and initiate or receive Zelle transactions.
Your holiday gift will be appreciated and multiplied for many years to come! They will come back and tell you why it was one of the most impactful gifts they ever received!
Start now by opening a youth account at WFCU.