Hume Bank is winner of Money Magazine’s 2017 Best Kids Savings Account for its Clancy Koala account. The awards are judged from thousands of children’s bank accounts from credit unions and banks around the country.
Over 5,000 regional primary school children are learning about financial literacy through Hume’s Junior Saver Club and school banking program.
“Educating kids about financial services at an early age helps teach them the value of money and helps them make better financial decisions in their future” said Hume Bank CEO, David Marshall.
Each year Hume holds financial literacy sessions at local primary schools on request to educate kids about money management. Activities around budgeting and saving are used as tools to help kids learn in a fun and engaging way
“Financial literacy can benefit anyone; our programs are designed to help those of all ages from children, those looking to buy their first home or looking to retire” said Mr Marshall.
According to Money Magazine, adolescents and young adults represent 42% of the least financially literate. This is why Hume’s financial literacy sessions aren’t just for kids, but local high schools and the broader community also.
Hume’s high interest Clancy Koala Account helps kids understand the importance of saving by seeing their money grow rapidly throughout the school year. Over 50 local primary schools participate in Hume’s School Banking program.
“This is just one way we give back to the regions in which we operate, but it’s an important way and we’ll continue to provide award winning products for our customers” said Mr Marshall.
Hume Bank’s Clancy Koala account is a great high-interest account for kids under 11, pays out a total rate of 3% if they deposit $10 each month and make no withdrawals.