One of the greatest lessons you can teach your children is financial responsibility. And while that seems like a mature conversation, reserved for tweens and teens, it shouldn't be. An education in money can begin as young as preschool, when kids first learn about the value of coins.
PNC Bank has created "S" is for Savings, a children's savings account with online instruction that helps establish a foundation for financial education for all children between ages 3-5, with concepts useful for kids up to age 8.
"S" is for Savings is a fun, friendly and free interactive learning experience designed for parents and children to use together in a lap-learning fashion -- the program includes:
- Fun, interactive activities that explore the basic concepts of spending, sharing and saving and segments discussing the value of things and making choices.
- A drag and drop feature. Kids can move their money into virtual jars which represent how they want to divide their money.
- Online allowance. Parents can transfer money from their own account using an ‘auto save’ feature.
- The option to create a separate login, allowing you and your child to enter the experience directly, without access to your other accounts.
- Just $25 minimum balance to open and no service charge for account holders under 18.
- Interest on balances starting at $1.00.
The account is built by the same innovative team that designed and created PNC’s popular Virtual Wallet product.
I let my daughter check out the program and I loved how it goes beyond the standard "piggy bank" for saving money and offers lessons in saving, spending and sharing funds. The experience is enhanced with some familiar faces from Sesame Street, Cookie Monster and Elmo. Kids can set goals for spending and saving, allotting money for different wants and needs, that's clear and easy for preschoolers to understand. The account is personalized with their name, and they can choose short and long term savings goals -- like a new toy, now, or money for a car, years in the future.
I love that parents can set up an allowance that is automatically transferred into the account, which then can be divvied out into saving, sharing and spending jars. While my daughter was learning to use the account, I was surprised at how much she put into the savings and sharing jars, vs. putting all the money into the spending jar -- this gives me hope that if I start money lessons with her early, she'll have a better chance of making savings a habit into adulthood.
Parents can learn more about "S" is for Savings, and apply for an account at www.PNC.com/SisforSavings.
This post is sponsored by PNC Bank. All opinions are my own.
Amanda
What a great idea! I wish something like this had been around when I was a kid.
Rebecca Rider
I LOVE this idea!!
HilLesha
Great idea!
MomStart (Ashley)
Nice... looks like a good program.
Penelope (NYC Blogger)
I hope to teach my sons to be smart about money too.
Kathleen
I love this, such a great way to teach children about money.
debra
This is such a wonderful idea.
Notorious Spinks
I love this for the girls. And they love Elmo!
Lolo
I miss having a PNC Bank, we had those in Pittsburgh!
Connie
Starting early is essential - our boys are so much better with their money than we are - they listened (now if we'd only taking our own advice!) 🙂
Jennifer
both my daughters have their own savings account
April Decheine
That is an awesome idea, it is great to gets kids started at a young age!
Billie
Really great way for kids to learn all about banking.
Our Small Hours
Oh, great idea!
Theresa
What an awesome idea! My youngest kids would love this.
Maggie
Very cool idea. Thanks for sharing
Stefani
What a really good idea!
Kelly
What a wonderful tool to help kids learn to save money and it doesn't hurt that Elmo is on the ad.
Jenn @therebelchick
What a great little program!
Ty @ Mama of 3 Munchkins
What a Great Idea!
Courtney
I still need to set up an account for my daughter.
Anne - Mommy Has to Work
This is Perfect!
Liz @ A Nut in a Nutshell
I really like this idea. Kids are learning important concepts but slightly under the guise of fun!
Donna
I don't live near a PNC... but what a great idea.
Crystal @ Simply Being Mommy
I love this. I have a savings account set up for each of my children, but not through this bank.
Jenn
Looks like a great way to start the good habit of saving early!
Marcie W.
What a cute program! All three of my children have savings accounts.
Zipporah Sandler
It's good to start the kids saving early.
Colleen
What a great idea, it is never to early to start.
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