Savings Accounts & Financial Education for Early Elementary

[wendyroo]

A couple years ago, when we started giving our oldest a small allowance, we opened a savings account for him at a local credit union.  It is marketed as a Kid Account and it is fine: no minimum balance, no fees, superhero themed, kids get to pick a prize from the treasure chest when they make a deposit, etc.  OTOH, the APR is .1%!!  A bit disheartening for young would-be savers with only $50 dollars in the bank...leave your money in all year and you will be a nickle richer!!   :lol:

 

What good options have you found for savings accounts for young kids?  We are especially interested in accounts that promote financial education such as a brief article about a financial topic included with each monthly statement.  If necessary DH and I would be willing to add a couple hundred to each of their accounts to meet minimum balances.  

 

Also, do you have any recommendations for financial education resources for the same age?  Is there a curriculum or a series of books that teaches about earning, spending, saving, budgeting, interest, credit, investing, etc?  We've read "If You Made a Million" and I think my oldest is ready for a little more than that.

 

Thanks,

Wendy

[desertflower]

Well, not what you are looking for, but I thought I throw it out there.  We are saving for a couch.  My kids make a $1  (it was $5) and put it in a container.  We do this every day.  If we forget, I get a calendar out and show them what days we forgot and they make more if needed. 

 

The goal is to make enough for a couch we are eyeing by Christmas.  LOL  (I'm hoping to beef it back up to $5/day; otherwise, we will never make it.) 

 

At least this way they see a good result in the savings. 

 

I'll be following too.