Get bank accounts for kids and teach them how to save

Wednesday December 3, 2008

Kids enjoy spending money, especially if it's yours. But if you set up a bank account for your children to manage, they might be more inclined to save the money given to them, rather than spend it willy-nilly.

Self control with money is an important life skill that children should learn early on. You can help your children understand why money is important and how to sensibly save it from a young age.

If you explain how interest works, the idea of earning more money will probably appeal to them.

The HSBC Serious Saver can help provide a sensible way for your kids to save their money. The HSBC Serious Saver savings account offers 5.75%p.a interest on savings if no withdrawals are made.

This method of earning interest gives your kids the incentive to keep money in their bank accounts and encourages them to put more money into their bank account.

The HSBC Serious Saver savings account features:

• 5.75%p.a interest for every month that no withdrawals are made.
• No bank account fees.
• No minimum opening amount.
• No ongoing balance.
• Can be linked to an HSBC online savings account or another nominated account.

Using online banking, you can show your kids how fast their money is growing in their bank account.

Apply online for a HSBC Serious Saver savings account today and help your kids start saving today.

Compare savings accounts and bank accounts.

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