Money Management /

Fancy a $6,000 Easter egg?

Attention: open in a new window. Print

Everyone’s kid loves to get Easter eggs. And fair enough, they’re delicious!

But what if you could give your kids an Easter present that could make a serious difference in their lives (not just leave chocolate stains on the couch)?

Setting up a savings account for your kids, and helping them save some money every week, can pay big dividends in a number of ways:

1) It makes saving a habit

Saving is a great habit to get into and a skill that can last a lifetime (let’s face it, some adults still struggle with it). Make saving second nature for your kids by embracing this habit early on.

2) A little goes a long way

Let’s say you have a 5 year old and between you, you agree to deposit $5 a week into a savings account. By the time your child is 10 (assuming an interest rate of 2.50%pa) they will have almost $1,400 in their nest egg. Now let’s say you then increase your weekly deposits to $10, by the time your 5 year old turns 18 they’ve got a nest egg worth over $6,000!

3) It teaches patience and discipline

In a world full of instant gratification, saving is a great way to teach kids about the importance of sticking to a plan for a long period of time (and one day enjoying the benefits!). This discipline will support good financial decision-making for the rest of their lives.

How much will you save?

Use our savings calculator to see how much you can save for your children. And be sure to show them so they know exactly what you’re trying to achieve.

Happy saving!

 

Enquire about an IMB Zoo Account for your kids

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 138 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

Find out more

Bank where and when you like...