PHOENIX–Desert Financial Credit Union has introduced a free program and checking account for kids called Kickstart it said is designed to teach them how to budget, save and spend money safely with adult supervision.
According to Desert Financial, the program allows parents and guardians to send money to and set spending limits on their child’s account. Kickstart also provides access to an online child-friendly programming that is designed to make financial education fun and rewarding. Through the Desert Financial mobile app, kids earn trophies for accomplishments like setting a budget, completing assigned chores, meeting savings goals and paying off loans to their parents, the CU noted.
It stated that kids can learn about useful financial topics, like interest, through use of Kickstart accounts.
‘From the Ground Up’
“Kickstart helps kids build smart money habits from the ground up. Parents play a key role in supporting their kids through their financial journey, which starts with education and practice,” President and CEO Jeff Meshey said in a statement. “Whether it’s practicing spending with their own debit card, saving for a new toy, or even college, we want kids — and their parents or guardians — to feel proud of their financial accomplishments. Creating good financial habits should be fun; reaching a goal should feel like a big win, no matter your age.”
Who’s Eligible
According to Desert Financial, all minors are eligible for a free savings account, with a $25 minimum balance requirement through the Kickstart program.
“Children between the ages of 6-17 also have the option to open a free checking account,” the credit union said. “With a choice of fun debit card designs, the checking account also offers the opportunity to practice spending, monitored by parental controls. A parent or guardian must be a joint owner with the child on Kickstart accounts.”
One Second-Grader’s Story
Desert Financial noted that Prescott, Ariz. second grader Taylor Ray saved up an impressive sum of $1,000 when he, alongside his parents, opened a Kickstart account.
“Taylor had been stuffing cash into piggy banks, wallets and miscellaneous hiding places for years,” said William Ray, Taylor’s father, in a statement. “He saves a lot from his allowance, birthday money, for doing chores, dog walking and helping neighbors. He spends very little.”
For info on the new offering: DesertFinancial.com/Kickstart.
