It’s almost summertime!
If you have kids, this means you might be thinking about their allowance, future education costs, and their summer job(s).
This is a good time for you to teach them about saving some of their money and spending it responsibly.
Today I’m taking a look at a couple of products that might help you. It’s the Capital One 360 Gift of Savings for Kids (i.e. Adventure Kit) and the Gift of MONEY. Capital One 360 was generous enough to send me a free version of each in the mail, which I will be passing along to you in the form of a giveaway.
At their base level, the products give your kids a $25 bonus when they sign up for a new kid’s savings or checking account. It’s $25 because you buy the products for $25 and they each come with a $50 bonus, along with some other things that make them fun, educational gifts.
To my knowledge, you can’t just go to the Capital One 360 site and find a $25 bonus on a kids savings or checking account. You need to purchase these gift products first. Which means you’ll have to wait till they arrive in the mail. Better than no bonus at all, right?
What is the Capital One 360 Savings Account for Kids?
I guess it makes sense to address this particular account before we cover what the Adventure Kit is all about.
The Kid’s Savings Account is very similar to the normal 360 Savings Account: FDIC Insured, no fees or minimums, higher interest rates than regular banks and credit unions, only-online access, etc.
The main difference is that the account comes with a separate log-in for your child (under 18) that allows them to do everything but deposit or withdraw. Basically, they can log in and tinker around, while learning the ins and outs of the saving process.
You own the account and maintain full control and access. When your kid turns 18, the account becomes a regular 360 Savings Account.
What Comes with the Gift of Savings (Adventure Kit)?
The Adventure Kit looks great! It contains a $50 gift card to get started with saving, a Savings Adventure Passport (to log deposits made into the savings account and mark various achievements), along with sticker badges that you can stick in your passport.
The kit also comes with a pop-up coin bank. The account and kit seem ideal for kids ranging from ages 8-14.
What is the MONEY Account (Debit Card for Kids) and Gift of MONEY?
The MONEY account is a simple debit account that is managed by the parent and teen. It comes with a MasterCard debit card for your teen. The teen can do a lot with the account including setup direct deposit from their employer, and use it at Capital One 360’s over 35,000 free ATMs.
The MONEY account doesn’t come with the ability to write checks or use bill pay. It’s really just a no-fee prepaid debit card account. When your teen turns 18, the account becomes a regular 360 Checking Account and you can remove yourself as a joint owner.
The Gift of Money is the gift card you give to your teen for them to get started with the account.
As I noted above, you can purchase this for $25 on the Capital One 360 website and the Gift of MONEY comes with a $50 card for your teen to use to open the account.
Once your teen opens the account (which they’ll have to do with you), they will be sent their account details and debit card. Open an Capital One 360 MONEY Account for your teen.