The Hometown Kids Club
Do you have a young saver? Teach your kids how to make their allowance go further with high savings rates. Show them how their pennies add up (with interest) and watch their savings grow faster than in the piggy bank. If your child is 13 or younger, they will automatically be enrolled in The Hometown Kids Club!
- Designed for kids 13 and younger.
- $5 minimum balance required.
- Save automatically with payroll deduction or with direct deposit.
- Fun events.
A tough job a parent will face is teaching their child to be responsible with money. It’s a good idea to start educating your kids early, so that they can carry those lessons through the rest of their life. Good saving habits have no age limit!
Managing their money
Below are 10 easy ways to teach your children to manage and save their money, from toddler to young adult.
Five and Under
- Explain where money comes from and what we use it for:
- Money doesn’t grow on trees — and it’s important that your child knows that. Reinforce that in order to earn money you have to work hard. Also, show them that everyday items cost money. If they express that they’ve been eyeing a new toy, remind them that it will take a little hard work and some patience before they can bring it home.
- Ditch the piggy bank, use a clear jar:
- Piggy banks may seem like a great idea, but it doesn’t give children a visual when saving money. A clear jar works great and allows children to see their money growing over time.
- Lead by example:
- It is important to lead by example, because your children are watching how you do things. That means that if you find yourself spending frequently or if you and your spouse often argue about money, your kids will eventually notice. Set a good example by being smart with your money and budgeting.
- Open a college fund:
- It is never too early to start up a college fund for your child. Set aside a savings account and make deposits regularly!
Elementary and Middle School
- The three jar method:
- Teach your children to follow the three jar rule. Each time they receive money, encourage them to set aside equal amounts into three different jars. One jar is for saving, one jar is for spending, and the final jar is for giving. This will give them a visual to help them understand that not all of their money should be spent right away. It is also a great opportunity to discuss giving back to charities and the local community.
- Allowances:
- There’s an age-old debate surrounding the idea of allowances. Instead of paying your kids for doing basic household chores, pay them only when they go above and beyond. This will act as an incentive and reminder for your kids to ask for new ways to help out around the house.
- Age-appropriate spending and saving apps:
- Download age-appropriate spending and saving apps for your kids to learn about money management in a fun, digital way.
Teenagers
- Their first job:
- Nothing will teach your child more about the value of money than getting their first job. Once they experience working hard to earn a paycheck, they will really appreciate every penny and more fully grasp the idea of when to save versus spend.
- A Debit Card:
- Getting your teen situated with their first debit card will help teach them the entire process of banking: checks, ATMs, withdrawals and more. With you as a joint account holder, tying a debit card to your child’s checking account will allow them to manage their money while you monitor. Shoreline offers deposit accepting ATMs and instant issue debit cards.
- College Costs:
- Before your teen applies for college, it’s crucial to sit them down and have the talk: how are you going to pay for college? To save money, discuss possibilities of community college, working part-time while in school, applying for financial aid or applying for scholarships.
Starting early can make all the difference when it comes to teaching your children to save. It won’t always be easy, but if you want your children to make smart financial decisions in the future, taking the time now will be worth it! Shoreline Hometown Credit Union will be here to support you the whole way.
Deposit Rates
Current Savings, Share Draft, Money Market & HSA Rates
All rates are subject to change. Effective date: October 1, 2023
| Dividend Rate | Annual Percentage Yield | |
|---|---|---|
| Share Draft Accounts (Checking) | ||
| Hometown Cash Back Checking | 4.89% | 5.00% |
| Health Savings Account (HSA) | ||
| $25,000+ | 0.30% | 0.30% |
| $10,000-$24,999 | 0.20% | 0.20% |
| $2,500-$9,999 | 0.15% | 0.15% |
| $100-$2,499 | 0.10% | 0.10% |
| Dividend Rate | Annual Percentage Yield | |
|---|---|---|
| Money Market Accounts | ||
| Traditional Money Market (Average monthly balance) | ||
| $1,000 minimum deposit and $2,000+ earn dividends | ||
| $75,000+ | 0.70% | 0.70% |
| $40,000-$74,999 | 0.60% | 0.60% |
| $30,000-$39,999 | 0.50% | 0.50% |
| $20,000-$29,999 | 0.40% | 0.40% |
| $10,000-$19,999 | 0.25% | 0.25% |
| $5,000-$9,999 | 0.10% | 0.10% |
| $2,000-$4,999 | 0.05% | 0.05% |
| Dividend Rate | Annual Percentage Yield | |
|---|---|---|
| Elite Money Market (Average monthly balance) | ||
| $50,000 minimum deposit and $5,000+ earn dividends | ||
| $1,000,000+ | 3.93% | 4.00% |
| $250,000-$999,999 | 2.96% | 3.00% |
| $100,000-$249,999 | 1.24% | 1.25% |
| $75,000-$99,999 | 0.90% | 0.90% |
| $50,000-$74,999 | 0.60% | 0.60% |
| $5,000-$49,999 | 0.20% | 0.20% |
| Dividend Rate | Annual Percentage Yield | |
|---|---|---|
| Saving Accounts | ||
| Primary and Secondary (Average monthly balance) | ||
| $10,000+ | 0.05% | 0.05% |
| $500-$9,999 | 0.05% | 0.05% |
| $100-$499 | 0.02% | 0.02% |
| The Hometown Kids Club | ||
| $500-$9,999 | 0.10% | 0.10% |
| $0-$499 | 0.05% | 0.05% |
| Christmas Club | 0.10% | 0.10% |
Interest on all accounts is accrued average daily and all rates are subject to change.
Federally insured by NCUA.
Fun Money Facts
Enjoy reading our fun money facts for Hometown Kids Club members. Learn interesting information about currencies, notes and coins, credit cards, the history of money and much more.
- Money is used to pay for various goods and services.
- It is also used to measure and store value.
- Money usually takes the form of coins, banknotes and bank balances.
- There are a number of different currencies used in countries around the world.
- Many countries have their own currency, while some use a shared currency.
- An example of a shared currency is the euro used in the European Union by countries such as France, Germany and Spain.
- The currency most traded around the world is the United States dollar.
- Other heavily traded currencies include the euro, Japanese yen and pound sterling (British pound).
- It is believed that products such as livestock and grain were used to barter (exchange goods and services without the use of money) over 10,000 years ago.
- The first coins were minted (made) around 2,500 years ago.
- Paper money was first used in China over 1,000 years ago.
- The benefit of metal coins is that they are portable and durable.
- The original value of a British pound was equal to a pound (in weight) of silver.
- Credit cards were first used in the United States in the 1920’s.
- The US dollar and many other currencies use the dollar sign $ as a symbol.
- US currency features former presidents such as George Washington ($1 bill), Abraham Lincoln ($5 bill), Andrew Jackson ($20 bill) and Ulysses S. Grant ($50 bill).
- Coins and banknotes are popular items for collectors, especially rare, old and misprinted ones.
- Inflation decreases the purchasing power of money over time.
History of Money
The term money, well, it’s hard to say exactly how old it is. When you research the term you can find out that payment of some kind was used all the way back to 2200 B.C.! But the money that they used back then is not the same that we use today. Early forms of money included shells, stones, beads and fur. Below are some fun facts about the History of Money that we would like to share with our Hometown Kids Club members.
Trading:
Did you ever trade baseball cards or marbles? Two average marbles for one great marble is considered a good trade. Well, that was how people bought things in the past. If you were a farmer, you would trade your corn with a shoemaker for shoes. The shoemaker would offer shoes to a butcher in exchange for meat. This concept of trade was called bartering. This eventually got to be rather difficult.
The beginning of money:
If I went to the shoemaker with my corn and he already had enough corn, then I was out of luck. I couldn’t get a pair of shoes. To solve this problem, the next logical thing to do was to develop a type of system that anyone could use, all of the time. This invention, so to speak, was our current system of money.
The first coins:
The first coins date back to 700 B.C. by the Lydians, a group of people that lived in what is now Turkey. Coins then spread to Greece and Rome. But the worldwide use of paper money and coins took a long time to occur. Even into the early days of the United States, bartering or trading was still a popular way to exchange goods and services.
U.S. Money Trail:
Before the early settlers won the war that created the United States there was Spanish, English and French money used. But, in order to pay for the war, we needed to develop one common currency for all the colonies. In fact, the famous Paul Revere designed the first coins for the “Continental Currency.”
Mint Act:
After we won the war and the new U.S. Constitution was ratified, Congress passed the “Mint Act” on April 2, 1792. This established the coinage system of the United States, and the dollar as the official U.S. currency. In 1793, the Philadelphia Mint produced the first coins!