To heighten the value of savings, educate youths on money management and assist adults in saving for their children's needs, Guardian State Bank has started a youth banking services program.
In addition to the youth banking services offered at the bank's four locations, officials are working closely with schools to provide work programs for high school seniors, teaching classes on banking and finance and establishing several programs for youth to learn the importance of money management and good savings habits.To open an account, a child need only sign his or her name and have a parent or sponsor sign on all accounts. Special youth services include a savings account that may be opened for $10 and will receive interest compounded daily and paid monthly.
A new account is called the future fund and earns higher interest than so-called adult accounts. For youths ready to take on added responsibility, the bank is offering a checking account for those between 12 and 18 years old.
All accounts receive monthly statements addressed to youths who receive a signature identification card to aid in presenting checks and making withdrawals. Another innovation is gift deposits made payable to a youth that are used to open an account or add to an existing one.
Youth banking services has hours convenient to youngsters on a school schedule: Monday through Friday 3 p.m. to closing and Saturday from 9 a.m. to noon.