First Savings Accounts
Start a savings
Heritage wants to reward children for starting good savings habits by paying a higher rate of interest on their deposits. A youth savings account can be set up for any child under 18. Higher rates are paid on balances less than $5000 until their 19th birthday. All you need is $25 to open and $100 to start earning interest. Encourge healthy habits with fun tools like a Yellow Dude Savings Passbook, birthday gifts for kids under 12 and educational activity books!
A savings account is an important first step in learning how to manage your money. Even before kids are ready to learn about savings parents can begin the process. As a parent, you will be able to deposit on their behalf. Have fun watching it grow with a Yellow Dude Savings Passbook or sign up for home banking. Encourage healthy habits by depositing a percentage of gifts or allowances. Parents can even sign up for payroll or have a portion of your check directly deposited to make it easier to save for their child.
Teach your kids about money
Learning how to think about money and manage it wisely is a very important life skill. To help your child start, build a foundation that includes managing money. Introducing terms like saving, spending and investing at an early age will help your child understand the choices. Kids learn by doing and it is helpful to make lessons interesting and engaging. Help your kids keep track of their money with a Yellow Dude Savings Passbook. They will learn about depositing and withdrawing from their very own credit union account. Stop by your local branch to open an account.
Simple steps to get your child saving
Discuss saving - use examples that your child will understand. Let them know it is important to pay themselves first by depositing a portion of any gifts received or allowances.
Set goals - Work with your child to set goals of different terms. For example, a short-term goal may be going to a movie next Saturday, while a long-term goal may be an ipod or new bike. After you have set these goals talk to them about the difference between wants and needs. Also, help them set up a plan to meet these goals. Maybe it is matching a portion of what they save as an incentive to encourage saving their money at the credit union.
Allowance - Consider giving your kids an allowance. Having their "own" money makes it easier for them to understand the concept of money.
Open a savings account - Make opening a savings account an exciting adventure to get your child interested in saving. Bring them to the credit union to open their very own account. Every time they get money have them put a portion in their account.
Make Learning Fun!
Googolplex is a fun way for your child to learn about finance basics. Explore the site and help your child learn more about finances through games, stories and calculators.
The Mint is fun for kids and has pointers for parents too. Another great resource for tips on setting goals and teaching your child about money.
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Happy Birthday!
Yellow Dude wants to help celebrate your birthday! Stop by your local branch during your child's birthday week and we will match up to $5 of your deposit! We also have birthday treats to encourage learning and fun!
Be smart - use time to boost your savings
The sooner you start saving, the more time there will be for compound interest to build up a nice savings account for your child. If you start by saving only $10 a week now, at 3% interest you will accumulate $10,673.46 by the time your child turns 18. You can open savings accounts for each of the memorable moments that may happen in your child's life: 1st birthday party, private school tuition, bat mitzfah, first car, college education. You can even name your savings account to remind yourself what the savings is for.
Check out this Kids Savings calculator to discover how much you can earn over a period of time.
Saving is easy with automatic transfers!
Transfer from your Heritage account automatically to your child on a regular basis. You choose how often and how much, then watch your account grow along with your child. It is easy to set up! Either download the Payroll Deduction form or stop by the credit union. Selecting a custodial account protects the funds for the benefit of the child until you either choose to transfer them or the child becomes an adult.
Education Savings Plans
Money worries are one of the major stressors that parents face. If you haven’t thought about how you’re going to pay for your child's education, there are a lot of different ways to start saving, some of which have tax advantages.
Prepaid Tuition Plans
Coverdell Education Savings Accounts (ESA)
IRA & Roth IRA Accounts
Heritage makes savings easy with gift deposit slips
Birthdays, Holidays and More — Oh My!
There will be many times in your child’s life when they receive gifts of money. Wouldn’t it be nice if that money could go directly into their savings account? To make it easier on you, we have created deposit slips and gift notes that your friends and family can use instead of giving cash. The giver simply fills out the deposit form along with a check and mails it to Heritage. The gift note portion will be given to the child letting them know a deposit was made on their behalf. You can pick up your gift/deposit slips at your local branch or use the link below to download and print from your home computer.
Gift Deposit Slip Downloads
