Today, many parents and grandparents are opening passbook savings accounts for their children. They see a passbook savings account as a useful teaching tool to help kids learn how to save. One reason is that a passbook is “hands-on”…it is an actual small booklet that keeps a running record all the savings transactions.
Unlike online accounts, kids can actually hold a passbook in their hands and have tangible proof of how their is money growing every time they make a deposit. What’s more, having to make a purposeful effort to save (by coming in with the passbook to make the deposits) helps kids develop lifelong savings habits.
CBL offers families a special passbook just for this purpose –the Kids Count Savings Account. The opening deposit is just $10, and comes with a Kids Count Passbook and a free piggy bank for the child to take home. Many CBL customers have made it a regular family event to come in with their children or grandchildren to make a deposit into the Kids Count Account. It has become a fun and rewarding way to create memories and pass down the importance of savings.