Kids Bank Account

Get your child involved in banking

Establishing good spending and saving habits plays an important role in creating a great foundation for your child’s lifelong relationship with money and banking. 

Our Target Bonus savings account for kids can help our youngest Heritage Bank members establish good spending and saving habits by encouraging monthly deposits, and no withdrawals, to earn a bonus interest payment each month.

Target Bonus saving account features include:

• Earn a bonus interest rate above our normal rate for every month you make at least one deposit, and no withdrawals
• $0 monthly account & transaction fees^{^}
• Keep track of savings with 24/7 access to the Heritage Bank Mobile Banking App and Heritage Online
• As a parent/guardian you’ll have full operating authority on the account until your child turns 12. Once your child turns 12, they will be given full operating authority and can begin to transact on the account

Introduce banking to your child

There are many ways to introduce banking to your child. Involving your child in banking can be as simple as sitting them with you while you do online transactions, take them into the bank with you, or through games such as playing ‘shops’. Remember, it’s okay for your kids to understand financial difficulty exists. While you shouldn’t worry your children with details, it’s helpful for them to understand money isn’t magical – it doesn’t just appear when you need it.

Discuss what your child’s account is to be used for

Before you set a bank account up for your child, spend some time discussing what the bank account will be used for. Is it a way to save money to buy something special in the medium term? Or, do you have a longer-term plan for the savings in the account? Explain the advantages of setting up and using a bank account rather than a piggy bank, such as the ability to earn interest, and also to keep their money in a safe place.

Set up a Kids Bank Account in-branch

The next step is to open the account with a Heritage staff member. You can do this by going into your local branch. Remember, there are a number of things you’ll need to have to open the account – including the correct identification. If going into a branch, take your child with you and encourage them to ask questions. It’s a great way to help them feel ownership and responsibility for the account. 

Motivate your child to save

Motivating your child to show interest and save their money is a great way to help them reach their savings goals. Some ideas to help motivate include:

1. Offer extra pocket money for special jobs
2. Encourage them to save their spare change
3. Reward your child for saving. For example, a special treat when they reach a small goal
4. Match your child’s contributions
5. Help your child understand the importance of waiting to purchase an item, rather than buying it on the spot.

Your child can also use our easy Pocket Money Tracker to keep track of what they've been earning and saving.