The benefits of teaching children about money early on are both immediate and long term.
In the short term, they may develop strong savings habits, learn how to make smart purchases and learn why they can’t immediately get everything they want. In the long term, you can help them avoid getting into debt. And by teaching the value of saving for the future, you can put them on the road to financial security.
Savings is a habit. It is learned by doing. If a child can develop a savings habit at a young age, it stays with them for life. Saving gives children a feeling of independence and a sense of responsibility. Having their own savings accounts helps children to learn how to manage their money. The key element is not how much they save; it’s developing the habit of saving small amounts on a regular basis.
It couldn’t be easier to be part of Bannvale Credit Union’s School Savings Scheme, if your child already has an account with us just send in their Green Book and savings, on the schools designated saving day and we will do the rest.
Alternatively if they don't already have an account just call into any of our offices to complete a membership application form, we need valid photographic ID and recent proof of address for the signing parent, and a copy of the long birth certificate for each child joining. Minor applicants aged 7 years and over, are required to sign on application forms and any subsequent withdrawals.