How do I manage a bank account?
Island Saver introduces young people to the role banking plays in managing money. From opening an account to saving and borrowing, banks help people keep their money safe and ensure that they have access to their money when they need it. Playing Island Saver will give your child an awareness of how banks operate so that they can become great money managers in the future.
Why have a bank account?
Playing Island Saver means your child will have a bank account so that they can buy items from Pigby’s store. It will also help them keep their doubloons safe from the litterbugs. This responsibility means that they are in control of their finances right from the start. Talk to your child about why you have a bank account, explaining that most adults will have their earnings paid into their account and use it to save for a rainy day, pay bills and to purchase things they need or want.
Managing money made easy
During the game, your child will open and start using their Island Saver bank account. They can go to their money app to track their balance, check when loan repayments are due and see when interest on savings is given, just like a normal banking app. If you use a banking app yourself, talk to them about how you use it and explain the different features that the app has and how this helps you manage your account.
Other ways to bank
Discuss other ways you can do your banking, such as going into a branch, using online banking or telephone banking. If you get the opportunity, take your child into a branch and let them watch you use an ATM – whether it’s to pay in, withdraw cash or to check your account balance. Observing you will help them learn about banking in the real world.
To help your child improve their financial awareness, Island Saver introduces them to the world of financial products and services. Understanding what banks can offer will give your child the heads up when they come to use these products in the future.