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SBS Bank Savings Tips

  1. Make savings more fun, interactive and visual by adding photos to your child's height chart to not only keep a record of how their savings are growing but also how your child is growing!
  2. Set up regular automatic payments into your child's savings account to come out on pay day; that way it will just happen without you having to think about it and you won't have time to miss the money. Plus if you set up an automatic payment ask about receiving a free savings diary for your child next time you pop into SBS Bank.
  3. Encourage your child to set savings goals not just for savings in general but also for things like buying presents and going on holiday. Also don't forget to tell SBS Bank of your child's savings goals, that we can encourage the achievement of the goals too. When you child reaches a savings goal reward them with an SBS Bank Kids Incentive Saver certificate, which is available for you to download at the end of this list.
  4. Encourage you child to use their savings diary to record their savings goals and things that have helped them achieve their goals like saving some of their pocket money, money they got for their birthday from Nana or doing a special job at home. This will give your child a record of the source of their savings and help you teach them that money doesn't just come from an ATM machine!
  5. When your child finishes a height or savings diary remember to keep them in a safe place for years to come. They may not seem of much value to you or child now but think how you feel now about your childhood treasures that your parents saved.
  6. Teach your child the future value of money by explaining how savings get interest in a savings account and how that interest will be added to their savings over time growing their money, so its worth more in the future.
  7. Start saving as much as you can as early as you can. Even it doesn't seem like much you want to get into the habit of saving; otherwise it's too easy to keep putting it off. Also with compounding interest even small amounts will grow if given long enough.
  8. Reduce the cost of saving as much as possible. Transfers between SBS Bank accounts are free and it costs you nothing to make deposits at SBS Bank branches.

 

 

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