When it comes to money, it’s never too early to start teaching children about earning and saving. Magnolia Bank in Elizabethtown and Hodgenville, KY, makes it easy with their wide array of banking accounts geared towards kids and teenagers. The products provide an effective jump start on establishing great financial habits that will last a lifetime.

Depending on your child’s age, one fun and traditional way to get going is through an old-fashioned piggy bank. Money earned from chores and good grades in school is deposited in the container. The money can then be transferred to a savings account for safe keeping. It only takes $10 and a current Magnolia Bank checking account to open a Christmas Club Account. Take a “field trip” to the bank so that your little one can see where their money is going. They can also track their deposits with a paper savings statement book or online.

Another way to teach kids about money and banking is by explaining the concept of needs and wants. If they want to save for a special video game or toy versus buying some of their school supplies, help them decide which one is more important. You can also make a chart with a short list of things they want and need.

If your child wants to save for the long term, say for college, a certificate of deposit is a good savings tool. Magnolia Bank’s Student Saver CDs have terms that range from three months to five years. The banking product also earns interest along the way. Talk with your child about how a CD works and how interest helps increase their savings.

There are a host of ways to teach your children about money and banking. The idea is to make the concepts fun and age-appropriate. Magnolia Bank’s Student Checking Account and Student Savings Account are popular choices for kids up to age 18. Each product has friendly terms and very low minimum deposit requirements.

Start sharing how money works with your child today! To learn more about Magnolia Bank’s products for kids, call (270) 358-3111 for Hodgenville or (270) 765-4072 for Elizabethtown. Check out the website for additional information on other products and services.