START GOOD HABITS WITH SAVINGS FOR CHILDREN
As parents, it’s never too early to start saving for your child. While creating savings for children is important, parents should not overlook the value of teaching children to set aside money for themselves. Children with personal savings accounts are more likely to attend college when compared to peers without a child savings account. How many times have you wished you started saving earlier? Give your child the head start they deserve.
SAVINGS FOR CHILDREN | PENNIES ADD UP
Whether it’s a birthday card from nana, a chore allowance, or tooth fairy visits, your kids will want to keep their treasure safe. A Momi’s Money Savings Account is a perfect way. It might surprise them to watch their money grow when they add it to a savings account.
SAVINGS FOR CHILDREN | RAISE MONEY-SMART CHILDREN
Most of the banking transactions made during your child’s life will be made online or through an app so teach them how to be smart and safe while using digital banking tools. With Pearl Hawaii’s Mobile Banking App, parents can teach their children how to make transactions, save money, monitor their balances, track their interest, and watch their funds grow.
Easily open a Momi’s Money account and help your children meet their savings goals – whether they’re saving for a new game or looking ahead to save for college, teach them the value of money along the way. Open an account online.
BENEFITS OF MOMI’S MONEY*
- Available for children birth to age 12
- Start with as little as $5
- Includes a free money bank upon account opening
- Eligible* for a free birthday gift each year
- Comes with free coin sorting services (up to $200 per day)
- Open an account
ARE YOU READY?
Overall, you should teach your child to save while using the account. Momi’s Money was created to teach children the value of saving money and rewarding them for goals met. On occasion, parents like to deposit large sums of money for their children. Unfortunately, this does not teach them the value of money or how to save. For larger amounts, we strongly suggest also opening a Jumbo Savings Account or a Coverdell Education Savings Account with/for your child.
SAVINGS FOR CHILDREN | WHAT HAPPENS WHEN MY CHILD TURNS 13 YEARS OLD?
When your child reaches the age of 13, they will be eligible to open Teen Checking & Debit Account. Their Pearl Hawaii account will remain as a savings account and any funds in the account will remain in the account until they withdraw or transfer the amount. Open a Teen Checking & Debit Account.
SAVINGS FOR CHILDREN | MOMI’S MONEY*
*Please bring your child’s social security card when opening the account. The opening/minimum balance is $5.00.
Certain conditions and restrictions may apply. Must be aged birth to 12 and have an authorized adult to participate. Accounts that have an average daily balance of $500 or more are eligible for a birthday gift. Coin sorting services are waived if deposited into a child’s account up to $200 per day. Must be 12 or younger and have an authorized adult to participate. An adult (the account owner) will be responsible for all transactions, fees, and overdrafts that occur; and must be a PHFCU member.