On the heels of its highly successful effort to encourage young people to earn and save money through its Lemonade Learning Club, Fidelity Bank today takes money management to the next level with the introduction of the Growth Spending Account for children—the first of its kind from any financial institution in Central Massachusetts.
This comprehensive program, designed for children 18 and under, starts off with a personalized debit card that is linked to a parent or guardian’s Fidelity Bank account. Periodic money transfers, such as a child’s weekly allowance, can be scheduled onto the card. From there the child learns about earning, saving, and spending responsibly.
Through Fidelity Bank’s secure online banking platform or mobile app, parents can monitor the card and their children’s spending, creating teaching moments around money management and proper spending habits. They can also set spending limits and receive transaction notifications, providing a safer alternative to cash.
Nine-year-old Reaghan Miklus of Gardner recently chose Fidelity Bank to open her new savings account through the Lemonade Learning Club. It wasn’t by accident, noted her father, John. “I was looking for a local, community bank that was geared towards families and kids, and Fidelity Bank gave us the perfect way to introduce my daughter, Reaghan, to earning and saving,” commented John Micklus. “I chose Fidelity because it is a well-rounded bank that can do that for us.”
Parents and guardians who are interested in opening a Growth Spending Account for their children can call 800-581-5363, go online to Fidelity Bank, or visit one of Fidelity Bank’s community banking centers.