Union Savings Bank Helps Kids Become Money Smart 

Addressing the need for early financial education, Union Savings Bank is offering a new program to help children and families learn smart money habits and life lessons in a safe, tangible way. 

Designed for children from five to 17, Union Savings’ GoalGetter program combines a no-fee, parent-controlled checking account with a high-yield savings component offering a 5.12% APY on the first $2,000 saved. 

“As families navigate rising costs and economic uncertainty, parents are determined to equip their children with money management skills and tools they can use for life,” USB’s senior vice president and director of brand and innovation Frank Sottosanti said. 

Early Education

Sottosant said the bank created the GoalGetter program to be a hands-on learning experience that empowers kids with the freedom to make their own choices.

Still in the form of a card with their name printed, parents can act more as a co-pilot.

Through the USB Mobile App, parents and guardians can: 

• Set spending limits by amount or transaction type 
• Receive real-time transaction alerts 
• Instantly freeze or unfreeze the card
• Transfer emergency funds instantly 

Recent findings demonstrate that young children can grasp lasting financial concepts and financial literacy is currently lacking in high schoolers entering the workforce.

“As families navigate rising costs and economic uncertainty, parents are determined to equip their children with money management skills and tools they can use for life.”

USB’s Frank Sottosanti

A special report from Brookings Institution highlights that children as young as five years old can reliably display savings behaviors and elementary-aged children retain financial knowledge from modest financial exposure. 

A New Hire Readiness Report by the U.S. Chamber of Commerce and the College Board revealed most graduating high school students are not ready to enter the workforce.  

In fact, 96% of hiring managers surveyed believe that financial literacy skills are vital for employees who are just starting their careers. 

They said the most valuable knowledge areas for entry-level employees are taxes, net income and budgeting; saving and investing; and borrowing, credit, and debt. 

Charitable Life Lessons

In addition to teaching children and teens about earning, spending and saving, the program also integrates a lesson in charitable giving.  

When a family opens a GoalGetter account, USB will donate a tote full of school supplies to the child’s teacher as part of the bank’s Teachers’ Closet program. 

“GoalGetter is about building a foundation for a lifetime of smart financial decisions,” Sottosanti said.  

“We’re proud to offer a program that not only aims to build wealth for the next generation but also gives back directly to the teachers in our communities.”