step 1

Baby Steps

During the early years, the best thing you can do is familiarise your kids with the concept of money, and the best way to do this is to get hands on. Let them help you pay at the checkout, have them deposit money in their moneybox – it’s important to keep it fun.

Get them used to the idea that you exchange money and get something in return, and that if you save it piece by piece, your money grows.

step 2

My first account

Once you think they're ready, bring them to Greater Bank so they can open their first bank account. Having an account of their own will give them a sense of pride and independence, and it will be the perfect place for pocket money!

The Greater Bank Life Saver Account is the ideal first account – offering a high rate of interest on their savings, as well as fee free everyday banking, it helps them get a fair go, while their pocket money grows!

step 3

Give them the tools they need

Once your young ones get old enough for a step-up in pocket money, they’ve reached the perfect time to learn how easy saving can be. Kids learn best when they’re being engaged and when they’re able to empathise, which is why tools like our Savings Goal Calculator are so important.

By entering your child’s pocket money income, and by showing them their savings journey ahead, they’re much more likely to absorb the lesson than if you simply explained to them how many weeks they need to wait before they can reach their goal.

step 4

From little things, big things grow...

When your child reaches the age where they’re looking for a part-time job, there are only two things you need to do:

  1. Open an Access Account

    Speak to them about the benefits of having separate everyday and Savings Accounts. While they’re watching their money grow by earning high interest in their Life Saver account, an Access account is great for the essentials of everyday banking. 

    Open an Access Account

  2. Take a deep breath...

    You knew this day was coming. Remember, the beginnings of financial independence doesn’t mean they won’t always need you in their life.