Heritage Bank helps kids learn how to save for a rainy day

Heritage Bank is helping their youngest customers learn the value of good savings habits with the launch of its Kids Banking Campaign this month.

Through the Kids Target Bonus Account, Heritage is helping children take a guided first step into the world of banking.  The account offers no monthly account keeping fees and the ability to earn a bonus interest rate 2.5% PA above the normal rate for every month you make at least one deposit and no withdrawals.

Heritage Bank CEO John Minz said it was important to encourage good savings habits from an early age.

 “At Heritage, we are committed to helping our customers and their families reach their financial dreams, and that includes the dreams of their children – even if they don’t know what those dreams are just yet!” Mr Minz said.

“The Kids Target Bonus Account is a great stepping stone to help parents set a strong foundation for their child’s lifelong relationship with money and banking.”

To help your little savers get started, Heritage Bank offered its five top tips.

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 to understand the importance of waiting to purchase an item, rather than buying it on the spot.

“We’ve been putting People first for nearly 140 years and that philosophy hasn’t changed. Our goal is to build long-term relationships with our customers, no matter their age, by understanding their individual needs and delivering great products and fantastic customer service,” Mr Minz said.

“There are plenty of fun ways to help your child find extra money to put in their account. The Kids Target Bonus Account is a great tool to compliment their saving ability and allows them to see their account balance grow faster with bonus interest.”

To help kids on their way to good savings, Heritage Bank is offering a free Priscilla the Pig money box for every Kids Target Bonus Account opened for children up to the age of 13 between 1 January and 28 February 2014.

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.