Savings Account for Kids

Welcome to Zing Credit Union! We’re thrilled to introduce our savings account for kids, a perfect solution to help children build healthy financial habits from a young age. This account is an excellent tool for parents wanting to teach their kids the importance of saving money and making smart financial decisions.

With our savings account for kids, young savers can learn about budgeting, setting savings goals, and understanding the value of earning interest on their savings. Featuring competitive interest rates and easy online access, managing their accounts is convenient for both parents and children.

Read on to discover why our savings account for kids stands out and how we can help you teach financial responsibility to your children.

Why Choose Our Savings Account for Kids

If you’re searching for the best account for teens and kids, look no further than our savings account for kids. This account offers educational benefits, rewarding features, and a user-friendly banking experience that makes it stand out from the competition.

One major advantage of our savings account for kids is the educational benefits it provides. Teaching children the importance of saving money early is crucial for their financial literacy. With our account, your child will learn valuable lessons about goal setting, budgeting, and the power of compounding interest. Financial education is a lifelong skill, and our account supports your child’s learning journey.

At Zing, we pride ourselves on providing a child-friendly banking experience. Banking can be intimidating for young savers, so we’ve created an account that is easy to understand and use. Our user-friendly online platform allows children to track their savings, set savings goals, and make deposits with parental guidance.

Choosing the right savings account for kids is essential for your child’s financial future. Our account at Zing offers educational benefits, rewarding features, and a child-friendly banking experience. Start your child’s savings journey with us today and give them the tools they need to build a solid financial foundation for life.

Teaching Financial Responsibility to Kids

Teaching kids about money management and promoting good financial habits from a young age is crucial for their future financial well-being. One of the best ways to instill these skills is by starting savings early.

Opening a savings account for kids is an excellent way to introduce them to the concepts of saving and budgeting. By providing them with a safe and accessible place to save their money, you lay the groundwork for responsible financial behaviors.

The importance of starting savings early cannot be overstated. By introducing the habit of saving from a young age, children learn the value of money and develop responsible financial behaviors. They also have the opportunity to watch their savings grow over time, which can be incredibly motivating.

Here are some tips for teaching kids about money management:

Encourage them to set savings goals and track their progress.
Show them how to create a budget and stick to it.
Teach them the difference between needs and wants.
Involve them in family financial discussions and decisions.

By involving kids in financial discussions and decision-making, you help them understand the importance of making informed choices and prioritizing their spending.

Promoting good financial habits from a young age sets your child up for a successful financial future. Starting a savings account for kids is an excellent way to begin their journey toward financial responsibility.

Truth In Savings Disclosure

TRUTH IN SAVINGS DISCLOSURE

Except as specifically described, the following disclosures apply to all the accounts.

Rate Information. The dividend rate, or interest rate, and annual percentage yield on your accounts are set forth on the reverse side. The annual percentage yield is a percentage rate that reflects the total amount of dividends/interest to be paid on an account based on the dividend/interest rate and frequency of compounding for an annual period. For Certificates of Deposit and IRA Certificates of Deposit, the interest rate and annual percentage yield are fixed and will be in effect for the term of the account. The annual percentage yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Nature of Dividends. Dividends are paid from current income and available earnings after providing for the required reserves. The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
Compounding and Crediting. Interest and dividends will be compounded and credited as set forth on the reverse side. The dividend/interest period for each account is also set forth on our Rate and Fee Schedule. The dividend/interest period begins on the first calendar day of the period and ends on the last calendar day of the period.
Balance Information. The minimum balance required to open each account is set forth. Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Accrual of Dividends. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on noncash deposits (checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
Account Limitations. The account limitations for each account are set forth in our Membership and Account Agreement
Your account will mature on the maturity date set forth on your account receipt or renewal notice.
Early Withdrawal Penalties. A penalty may be imposed if you withdraw any of the certificate funds before the maturity date or the renewal date, if this is a renewal account.
Amount of Penalty. For Certificates of Deposit and IRA Certificates of Deposit the amount of the early withdrawal penalty for your account is 90 days’ interest for a term of 12 months or less, and 180 days’ interest for a term over 12 months.
How the Penalty Works. The penalty is calculated as a forfeiture of part or all of the interest that have been earned on the account. This penalty applies to earned interest and principal.
Renewal Policy. Certificate of Deposit accounts will automatically renew for another term upon maturity. You have a grace period of seven days in which to change or withdraw the funds without being charged an early withdrawal penalty.
Exception to Early Withdrawal Penalties. At our option, we may redeem the account before maturity without imposing an early withdrawal penalty under the following circumstances:
- When an account owner dies
- or is determined legally incompetent by a court
- or other body of competent jurisdiction.
Nontransferable / Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner except obligations with the Credit Union.
FEES FOR OVERDRAWN ACCOUNTS. Fees may be imposed on each check, draft item, ATM card withdrawal, debit card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or payment of a check, draft or item. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approval limit. Please refer to the Rate and Fee Schedule for current fee information.

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Preferred Checking

Clear Card

Second Chance Checking

Minimum Opening Balance

Suggested opening amount- $25

ID Safe Choice Charge Possible

Yes

Direct Deposit

Accepted and encouraged

Dividends Paid

Privilege Pay

Available after 90 days

Overdraft LOC

Available immediately, with approved credit

ATM/Debit Card

Instant Issue

Shared Branching

Available

Free Bill Payer

Available

Mile High APY

Yes

N/A

Yes

5 Buck Club

Yes