It’s never too early for children to learn good savings habits, says Police Credit Union.

There are a number of benefits for children and teenagers to have their own bank account: they develop a sense of responsibility, become financially literate, and learn to only spend what they can afford.

Encouraging children to set aside a portion of their pocket money each week, or any money earned and given, will teach them wise saving and spending habits, the importance of budgeting, and that more money saved will result in greater interest gained.

Having a savings goal will help motivate saving practices, and can be triggered by asking children to think about the things they’d like to have or buy.

Educating young people that money needs to be earned to live, and that there isn’t an endless supply available is a vital lesson, as is learning that hard work can be rewarded with money.

Physically showing children what money looks like and the different worth of each coin or note is a valuable learning experience, and demonstrating what different amounts can buy will allow for perspective, that way the value of money is understood.

Police Credit Union has just launched their ‘Beans Savings Account’ aimed to help minors manage money, and understand the beneficial results that occur through saving.

The ‘Beans Savings Account’ is for members under the age of 18, rewarding minors for saving by offering up to 4.00% p.a interest each month.

The ‘Beans Savings Account’ also provides an opportunity for parents to contribute deposits towards the child’s savings, and interest accumulated on even small deposits over time could build to a sizable amount.

The Police Credit Union believes supporting young people is essential for the community, and the ‘Beans Savings Account’ is a conduit that provides opportunities for young people to learn about managing their money, and develop life skills that will help them for years to come.

The key feature of the ‘Beans Savings Account’ is that kids can earn 2.00% p.a paid on balances greater than $0 and there is bonus interest of 2.00 per cent paid to members who deposit a minimum of $10 and make no withdrawals during a calendar month.

The ‘Beans Savings Account’ also includes free over the counter withdrawals, as well as internet and mobile banking, BPAY, payroll, and periodical payments.