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MVCU, savings, saving, kids, savings account, credit union
Home / News & Financial Education / Start Saving with Your Kids
Start Saving with Your KidsBy merrimack on 5/9/2024

Start Saving with Your Kids

Did you know you can open a savings account with your child? It’s never too early to introduce them to important life lessons and the importance of saving. Opening a savings account for your child is a great way to introduce them to the value of money.

Why Does My Child Need a Savings Account?

Introducing your child to a savings account is an invaluable lesson in financial responsibility. Through regular deposits and witnessing their savings grow, your child will learn the importance of setting money aside for the future. A savings account is a great way to prepare them for future financial success.

You can get them started by depositing birthday or holiday money.  Let them keep some of the money so they can spend it on items that matter to them and deposit the remainder in the savings account.  They’ll get to watch the balance grow not only through their own deposits, but also through interest. 

Allowances are a great way to teach kids how to manage their accounts.  If they are saving up for something special, they can deposit part of their allowance each week and watch the balance grow.  They’ll also experience the balance shrink when they withdraw the money to make that coveted purchase.  It will teach them how to weigh wants and needs as they take ownership of their money.

Take your child with you when you visit a branch!  Show them how to deposit and withdraw money.  Over time, you can teach them how to read a statement and how interest works.

How Merrimack Valley Credit Union can help

At Merrimack Valley Credit Union, we understand the importance of establishing a strong foundation for your child’s future. That’s why we offer a simple and accessible way to open their first savings account. With a starting deposit of just $5, you can kickstart their savings journey and provide them with the tools they need to develop healthy financial habits from an early age.

Open an Account

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Category: Saving & Investing Money



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