MidFirst Bank introduced a savings account program called iSave in 2008 to teach children about the importance of saving money. The iSave account is available at MidFirst to anyone age 17 or under.
The accounts pay a higher interest rate than other savings accounts, and MidFirst will match 50 percent of the average of the highest single deposit each month up to $25.
While MidFirst would not disclose how many participants the program has, it has become popular with many of its customers, the company said in response to an inquiry from The Oklahoman.
“The iSave match formula helps establish a saving habit by rewarding children for making deposits on a regular basis,” MidFirst said in a statement. “Children learn through repetition and positive reinforcement. A reward for setting a goal and faithfully making deposits for 12 months gives children a sense of accomplishment and confidence that may carry over to other aspects of their lives.”
It's always a good idea to teach children about saving and building interest by getting them a savings account — it helps them build good habits.”
Banking officer for First Fidelity