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Parents, if you want to give your children a major advantage when they enter the real world someday, few things are more valuable than teaching them financial literacy. Kids who understand how to manage their money will have a significant leg-up in life over those who don't.
According to the Federal Deposit Insurance Corporation, "Teaching kids about money early on will help them to become more financially independent as they get older. Financial education has been linked to lower debt levels, higher savings, and higher credit scores as children mature into adulthood."
One of the most effective ways to foster financial literacy in your children is by helping them set up their own checking and savings accounts. Thankfully, there's an easy and fun way to begin this process right at home — and it only takes a few minutes.
Introducing Crew, a free family banking app designed to empower parents and kids alike. Crew helps parents manage their finances while giving kids the tools to become money-smart. With Crew's intuitive platform, your family can teach kids how to save, budget and plan for the future — all while enjoying a high-yield savings account with zero hidden fees.
Here's why you should consider downloading Crew and help your kids become financially savvy today.
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Teach financial responsibility to even your youngest children
First, there's no minimum age requirement to use the Crew app. As soon as you feel your child is ready to grasp the basics of earning, saving and spending money wisely, you can set them up with their own account.
While piggy banks are cute, they aren't the most effective way to teach kids how to manage money. That's where Crew shines. The app offers a modern, hands-on approach to financial education. Instead of simply handing your child an allowance and hoping they figure it out, Crew helps parents set up automatic transfers into both spending and savings accounts. This gives kids a clear picture of how money works, showing them the difference between spending now and saving for the future. It's a great way to teach them about delayed gratification and the value of working toward a long-term goal.
Let them see where their money is going
A stand-out feature of the Crew app is visibility. Kids can actually log into the app to see their balance, track their savings and set personal financial goals, such as saving for a toy, a video game or something bigger. This is particularly useful for older children once they start earning money through part-time jobs or allowances. It's a simple but effective way to teach your kids how to budget, save and keep track of their spending.
Kids who are too young to have their own phone can even log into Crew on the family iPad by scanning a QR code on the parents' device.
Kids get their own debit card
Imagine how great it would be if you never had to worry about your kids coming to you and asking for money. With Crew, kids get their own Mastercard debit card, which they can use anywhere Mastercard is accepted. And don't worry — you can set spending limits on how much your kids spend and track every transaction in real time.
No fees, no minimums — just financial education
Unlike other banking apps, Crew doesn't charge you for using basic features. It's completely free to use, with no subscription fees or minimum deposit requirements. You never have to worry about hidden charges that might eat away at your savings.
"The key is providing a premium banking experience for the parents too; Crew has an average of $11,000 in deposits per family." founder Gentry Davies says.
Gentry says the key is providing a premium banking experience for the full family—parents and children—who he says keep an average of $11,000 per family in Crew.
Earn more with high-yield savings
It's great to teach your kids how to save money — but showing them how to grow those savings is arguably even more important. The great news is that Crew offers 4.2% APY on savings accounts, which is significantly higher than the interest rates you'll find at other banks or financial institutions. As Matthew Goldberg reports for Bankrate, the national average savings account yield is 0.57%.
How can Crew offer such high interest? The answer is simple: As a digital-only platform, Crew eliminates the overhead costs of physical branch locations. Also, many traditional banks don't offer higher rates because they assume you won't take the time to switch to a high-yield account.
Just think about how much extra money your child could save over the course of their grade school years if they're earning 4.2% APY on their savings every year. That's a big difference that could add up over time!
A family banking experience you can trust
Crew partners with Bangor Savings Bank, Member FDIC, to offer FDIC-insured deposits, providing peace of mind for parents. The app's seamless design and integration into the family's banking experience make it an ideal solution for families who want to raise financially savvy kids without all the hassle.
If you're ready for a free, all-in-one solution to help your kids develop good money habits, this is your sign to make the jump. Sign up for Crew today and get started on the path to raising money-savvy kids.
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Crew is a financial technology company, not a bank. Banking services provided by Bangor Savings Bank, Member FDIC.
The Crew Mastercard® Debit Card is issued by Bangor Savings Bank, Member FDIC, pursuant to license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circle design is a trademark of Mastercard International Incorporated. Spend anywhere Mastercard is accepted.
APY is variable and may change after account opening. The advertised 4.2% savings APY is accurate through Nov 30, 2024 and may change at any time. Due to the Fed's recent change to interest rates the savings APY will change to 3.95% on Dec 1, 2024. There is no minimum balance or deposit required to obtain the advertised APY.
FDIC insurance of deposits subject to limits and conditions as described in our terms.
