From Baby Mozart to coding camp, parents often spend what little time and energy they have trying to find ways to give their children a leg up on learning. But one crucial piece of education that many kids in school are missing is financial literacy—which research shows has significant impacts on their quality of life well into adulthood.

Our finances affect the most important parts of our lives, including romantic relationships, career choices, our ability to buy property and retire with confidence, and our mental health. In fact, students who are educated in personal finance at a young age are more likely to receive lower-cost loans and grants for college in addition to having better average credit scores and lower debt delinquency rates.

These among many other benefits demonstrate why it’s critical to instill a solid financial understanding and money management skills as early as possible.

Where to start? At Maspeth Federal Savings.

Here at MFS, we offer two types of accounts designed to help kids of all ages develop a strong financial foundation, from birth, through their teenage years and into adulthood.


The MFS Young Saver’s Club for children under 12

Introducing financial learning to children under 12 may seem early, but having a bank account intersects nicely with many other facets of learning across this age range, such as:

  • learning about the value of money in exchanging it for objects and services
  • understanding that money is not limitless and should be protected
  • budgeting and exploring the concepts of instant gratification versus future reward
  • negotiating chores and allowances and even learning basic manners

In addition to enabling parents to start putting away money for them early, an MFS Young Saver’s Club account empowers kids to practice all of these skills in a tangible way:

  • Each account comes with a fun piggy bank and a keepsake passbook to help your child visualize the concept of a bank account.
  • Once they’ve collected enough coins, you can plan outings to our in-branch coin-counting machines to find out how much they’ve saved.
  • Kids can practice interacting with service people by engaging with Tellers at the window

It’s a learning experience right from the start. To open an account, simply bring your child into a branch and we’ll make it official—and extra special with an in-person touch.


Teen Checking & Savings for teens ages 13 to 17

As your children get older and start to take on more independence, you’ll want to focus on more advanced habits like money management and budgeting for ongoing or larger purchases.

The MFS Teen Checking & Savings account is designed to help teens manage their money like a pro and gain financial efficacy. They’ll each receive their own debit card and digital wallet capabilities for tap-and-go mobile convenience.

This account gives teens a practical learning opportunity to start “adulting” in a secure environment as they become familiar with concepts such as:

  • “Pay yourself first” by depositing money right away through mobile and direct deposit
  • Using discretion in spending for pleasure versus obligations such as cell phone bills
  • Saving and investing by earning interest at a competitive rate and watching your money grow
  • Money management through best-in-class tools for budgeting, spend-tracking and goal-setting

Additionally, the account comes with plenty of controls parents can use to guide their teens’ activity:

  • Convenient transfers: Quickly and easily transfer funds
  • Parental monitoring: View the account online to track spending
  • Peace of mind knowing they have access to cash in a pinch with access to 95,000 surcharge-free ATMs1 through the Allpoint and MoneyPass networks in popular stores like 7-Eleven, Walgreens, CVS, Rite Aid, and Target.

And because the account automatically converts to a Perks Checking account once the account owner turns 18, you can be confident knowing you’ve put them on a long-lasting path for financial success.

No need to visit a branch—simply open Teen Checking & Savings account online. Make sure you have the following items handy:

  • An image of your government-issued ID, driver’s license, state ID or Passport showing your current address to upload during the application process
  • Your complete residential and mailing addresses (if different)
  • Your Social Security number
  • Your date of birth

An easy way to give your kids a major life advantage

A strong foundation of financial literacy and money management skills can bestow immeasurable benefits on your child’s life. Start building wealth for your child at Maspeth Federal Savings today by opening an account designed with their future in mind.

 

 

1Please note that other ATMs may charge transaction fees. International fees may apply.