Preparing your child to become financially independent is a process that you can start at a very young age. And it can continue right up through their college years and beyond. That's why BankFive has products and services geared toward these different stages.
So where do you begin? A good place to start is our Nickels Savings Account, which is a fun way for kids 12 and under to learn responsible money management. the account is named after Nickels, BankFive's mascot.
At account opening, your child will receive their very own savings passbook and Nickels toy. Whenever your child wants to make a deposit, no matter how big or small, just bring the passbook to any BankFive office. Interest is earned on balances of $10 or more.
Every child who has a Nickels Savings Account receives a birthday card on his/her special day each year, and Nickels offers tips to help them learn about money
Of course, as your child grows, their financial wings spread too. That's why BankFive offers a Student Checking Account that's perfect for students ages 16-24. This account allows free ATM withdrawals at all BankFive and SUM ATMs, and also allows for a rebate of up to $10 per month at all other ATMs. The account is easy to access from anywhere with mobile and online banking, and has no monthly service charge. Please note that on the account holder's 25th birthday, the account automatically changes to an eAccess Checking Account, subject to the terms and conditions, terms of service, and fees of that account.
Our Student Checking Account can be opened online. The process for opening an account takes about 10 minutes and you will need several things to do so, including:
- Your Social Security Number
- A valid form of identification, such as a driver's license, state ID, military ID, or passport
- Your previous home address (if you have lived at your current address less than two years)
- A credit or debit card, or a U.S. checking or savings account to fund your new account
Teaching your child financial independence is an ongoing process, but it will definitely benefit them when they're ready to "leave the nest".