As you shop for your children, grandchildren, nieces and nephews this holiday season, consider gifts that will continue to give years from now. By putting the same amount of money you would have spent on the latest toy or video game into a savings account or CD, you’ll be providing for the child’s future and teaching him or her the value of savings.
Young relatives will feel all grown up with their own savings accounts. Your child will receive a free gift for joining and with every $5 deposit into the account.
Your teenager can even open a checking account with a debit card (with a qualified parent or guardian on the account)!
Or encourage longer term saving with a CD. They carry higher interest rates than a savings account, and you can choose the term—anywhere from 12 to 60 months. At Consumers, CDs for kids and teens have a low $100 minimum balance requirement.
Kids and teens will also benefit from the real-life knowledge gained along the way.