Children can begin to learn about money from the time they learn to count. Our Kid$ Zone is designed to teach and encourage kids to save money, no matter what their age. Learn about our KIDs Account, Learn and Earn program and the many ways we make saving money fun!
Our KIDs Passbook Savings Account
- • Open to Kids 18 and Under
- • Personal Passbook Included
- • Free Educational Activities
- • Special Birthday Card Each Year
- • Kids Earn Highest Rate of Interest
- • No Monthly Service Fee
- • Quarterly drawings for prizes
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The Learn And Earn Program
Truman Bank will put one dollar in a KIDs savings account for every “A” they achieve on their report cards during the school year. Just by bringing in their report card and passbook savings booklet, or opening a passbook savings account, kids can turn their good grades into money in the bank. This offer is open to students in grades K-12 .
Deposit Money, Win a Prize!
Each time a kid deposits $10 or more into their KIDs Passbook Savings Account, they will gain an entry in a drawing for free tickets to area attractions. Each of the Truman Bank locations will host a giveaway promotion and each quarter will draw the name of one lucky recipient. All entries require a $10 deposit or more into the child’s account. Currently the drawings are for tickets to the OmniMax Theater at the St. Louis Science Center and the Magic House.
Tips for Teaching Children to Save
1. Set a good example. Share your goals and saving skills with your kids. If you are saving for their education, your retirement or a large purchase, help your child understand the effort it takes and your strategy.
2. Create a Savings Goal for Your Child. Saving money isn’t easy but it’s a lot easier if there is a goal in sight. Just like you set goals, help your child establish a set dollar amount that they want to save and encourage and praise them as they get closer to reaching their goal.
3. Take your kids to the bank and show them how you make a deposit and keep a register of your balance.
4. Ask a bank representative to give your child a tour of the facility and especially the vault.
5. Set guidelines for how they manage the money they receive as gifts and allowance. Indicate to your child what portion of the money they receive should go towards their savings.
6. Reward their efforts by occasionally offering to match all or part of the money they set aside. With a little added incentive it’s surprising how much more motivated kids can become.
7. Share your family budget strategies with your kids. They may not need to know all of the details but talk about how the fact that you have established a budget and how it’s maintained.
Commonly Used Banking Terms
Learning to save money is an important life skill that children can begin to learn at a very early age. Luckily, it can be fun too. Following are some common terms that a child might hear at the bank while visiting with their parents.
ASSET — Something you own. Usually an asset is property, such as a bicycle, jewelry, or a family’s house. An asset is the opposite of a liability.
ATM MACHINE (automated teller machine) — An electronic device that allows a bank's customers to make cash withdrawals and check their account balances without the need to go into a community banking office. Many ATMs also allow people to deposit cash or checks and transfer money between their bank accounts.
ATM CARD — Used at the ATM Machine to withdraw money, check account balances or make a deposit.
BANK — An institution that provides financial service, particularly taking deposits and extending credit.
BANK DEPOSIT — is a specific sum of money that is added to an account by a bank as a service to their customer.
BANK VAULT — A large safe built into a bank building where valuables are stored. Modern bank vaults generally contain many safe deposit boxes, as well as places for teller cash drawers, and other valuable assets of the bank or its customers.
CHECKING ACCOUNT — A bank account that its owner can draw money out of by writing a check.
CREDIT — Money loaned.
CREDIT CARD — A small plastic card used to pay bills and make purchases. Each use represents a loan from the credit card company. The credit card user has to pay back the loan plus interest.
CREDITOR — A lender of money.
CURRENCY — Money
DEBT — Money Borrowed
OVERDRAFT — Occurs when withdrawals from a bank account exceed the available balance; i.e. over-drawings. This gives the account a negative balance.
SAFE DEPOSIT BOX (sometimes called a safety deposit box) — A type of safe usually located in groups inside a bank vault or in the back of a bank or post office. It usually holds things such as valuable gemstones, precious metals, currency, or important documents such as wills or property deeds that a person might feel afraid to leave at home due to fear of theft, fire, flood, tampering or other reasons.
SAVINGS – Money saved. For safety, most people put their savings in a bank account.
Fun Facts About Money
Did you know . . .
- The most commonly used denominations in the U.S. are the $1 and the $20; internationally, it’s the $100 note.
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- Since 1866, U.S. law has prohibited portraits of any living person on currency.
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- Neutral–colored U.S. currency paper is composed of 25 percent linen and 75 percent cotton. Red and blue synthetic fibers of various lengths are distributed evenly throughout the paper.
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- The last U.S. currency with background color was the $20 Gold Certificate, Series 1905, which was tinted gold.
Links of Fun
Following the Cycle of the Dollar Bill from the time it’s printed to its ultimate trip to the shredder.
Visit http://www.federalreserveeducation.org/fed101/services/dollar.htm
Try a fun game of designing your own currency.
Visit http://www.moneyfactory.gov/newmoney/main.cfm/learning/dyob to play.