In today’s world, financial literacy is a vital skill. With Standard Chartered’s First$aver Account, you can give your child a strong foundation in saving and sound money management. Designed for kids of all ages, this account offers tools and features to develop lifelong financial habits.
Signing your child up for the First$aver Account is like sending them on their first financial quest. Kids will start off by understanding the importance of savings. With their own First$aver Account, they will be piqued to learn the different financial terms commonly used, like what are transactions, what is a deposit, what are cashbacks, etc, and understand how compounded interests can help them grow their savings. This will teach them the value of delayed gratification—saving today will lead to having more tomorrow.
For Teens (13+): Taking the Next Step Towards Independence
As your child turns 13, the First$aver Account evolves with them, providing tools for real-world money management:
- Access to a Debit Card: Empower your teen to manage daily expenses responsibly while earning 1% cashback on eligible spends (up to S$60 monthly).
- Mobile Banking and Digital Payments: SC Mobile gives teens the ability to track transactions, check balances, and make payments through services like PayNow and Scan&Pay.
- Real-Life Money Management: Teens can independently monitor their savings and spending habits, putting their financial knowledge into practice.
These features not only give teens a sense of independence but also help them build confidence in managing their finances, laying the foundation for future financial self-reliance.
For Kids Under 13: The Building Blocks of Savings
For parents with kids under 13, the First$aver Account offers a high interest rate of 2% p.a., making it easy to grow their children’s funds while teaching them the basics of financial planning and showing how financial decisions can shape their future.
How Parents Can Guide and Protect Their Kids’ Financial Journey
As your child embarks on their financial journey, your role as their guide becomes crucial. Here’s how you can actively support their growth while ensuring their safety:
- Be a Financial Mentor:
- Start conversations about money early and make them age-appropriate. Explain financial concepts such as budgeting, saving, and earning interest.
- Use real-life examples to teach the importance of prioritizing needs over wants and how to avoid impulse spending.
- Encourage your child to set savings goals, whether it’s for a new gadget, a special outing, or a bigger dream like travel or education.
- Monitor Without Micromanaging:
- Leverage First$aver’s joint account features through the SC Mobile app. This allows you to oversee transactions and track spending habits, giving you insight into your child’s financial behavior.
- Instead of stepping in at every minor issue, provide guidance when you notice patterns of overspending or impulsive purchases, turning these moments into teachable opportunities.
- Prioritize Security with Practical Tools:
- Utilize the Money Lock feature to secure funds that are not meant for immediate use. This is particularly useful to protect savings from unauthorized transfers, scams, or accidental misuse.
- Set daily transaction limits to ensure spending stays within boundaries. A limit as low as S$100 can give your child the experience of managing digital payments without the risk of overspending.
- Encourage Responsible Digital Banking Practices:
- Teach your child how to use digital banking tools securely. Guide them on the importance of protecting personal information and passwords.
- Regularly review account activity together. This not only helps you detect potential issues but also builds trust and instills accountability in your child.
- Celebrate Milestones and Progress:
- Recognize and reward your child’s efforts in saving and managing money wisely. Positive reinforcement encourages them to stay motivated and focused on their financial goals.
- Celebrate small wins, like reaching a savings goal or responsibly using their debit card, to make the journey enjoyable and fulfilling.
By being an involved yet supportive presence, you can help your child navigate financial independence with confidence while ensuring their safety in the digital age.
Why Choose First$aver?
First$aver isn’t just a savings account – it’s a platform to build financial independence and responsibility in your child. With features that adapt as your child grows, it offers:
- High-interest savings to encourage consistent deposits.
- Tools for real-world financial experiences, such as digital payments and cashback.
- Parental controls to ensure security and peace of mind.
Equip your child with the skills they need to make sound financial decisions. With First$aver by Standard Chartered, you’re not just helping your child save – you’re empowering them to navigate their financial future with confidence and responsibility.