Open a bank account for your child at a National Bank and get a web-enabled, interactive coin saver absolutely free (worth $39.99) plus free shipping.
I think if there is one thing I want to teach my children (besides the basics – education, healthy eating, exercise, being a good person), it is how to manage money. With household debt for the average person being extremely high and kids coming out of university owing tens of thousands of dollars, I really want my children to incur as little debt as possible in life. There are lots of ways to teach your child to save, but I think actually doing it is the most effective way. My kids get allowance, and my thinking is that it should not be tied to chores, because these are basic duties that need to be performed in a household. No reason to set them up for the disappointment I had when I realized no one was going to pay me to clean the toilets. So, they get $1 per year of age and most of it has to get saved. They have a short-term savings (for things they want) and a long-term (for post-secondary school, a car or a house). Once they get to a certain amount, we want to open a bank account for them to save their long-term savings, since it will be a number of years before they will be able to use it.
Right now would be an awesome time to open an account, because not just will they have their own bank account, they’ll get the free coin saver, which they can use for their short-term savings.
What’s so cool about this coin saver is that it isn’t just a regular coin saver. You can hook it up to the web with the included USB cord and it will teach kids about money, count their money and let them play games based on their money! Check out Ekominiville, the place to be for kids who want to learn how to save money! I could really see this as being a great teaching tool. My son uses something similar to this for reading and it really motivates him to do it.
To open an account, you’ll need to go into the branch with two pieces of I.D. for your child. You could use their birth certificate and health card or passport if you have one. After you open the account, you’ll be given a coupon to order your coin saver online. I think I’m going to check this out tonight!
(Expiry: Limited Time)