Bible Money Matters

Christian personal finance

Menu
    • About
    • Archives
    • Contact
    • Close
  • Making Money
      • Popular Articles

        • 50 Ways To Make Money: Maximizing, Creating And Increasing Your Income
        • 10 Weird And Unconventional Ways To Make Money
        • Making Money With A Blog (e-Book)
        • 10 Places To Sell Or Trade Your Unused (Or Broken) Electronics
        • Ways To Make Extra Money Series: 20 More Income Generating Ideas From Our Readers
        • Making Side Income Can Help Blunt The Impact Of Becoming A One Income Family
        • Earn Cash Back With Discover it® Credit Card
      • Recent Articles – Making Money

        • Best Sites Like Fiverr To Make Money As A Freelancer
        • 13 Of The Best Independent Contractor Jobs
        • 25 Of The Best Gig Economy Jobs
        • How To Make Money Blogging: Turn A Blog Into A Business
      • Categories

        • Making Money
        • Investing
        • Retirement
        • Jobs & Work LIfe
        • Money
        • Income
    • Close
  • Saving Money
      • Popular Articles

        • 50 Easy Ways To Save Money Every Month
        • 10 Weird And Unconventional Ways To Save Money
        • 10 Practical Ways To Save Money And Increase Your Net Worth
        • How To Save Money On Just About All Of Your Regular Monthly Bills
        • Ways To Watch TV Without Paying An Arm And A Leg For Cable TV
        • Save Money On Your Hospital Bill - Just By Asking
      • Recent Articles – Saving Money

        • Living Stingy: 13 Tips For Spending Less
        • How To Save $100k In 7 Practical Steps
        • Stairs App Review: Save And Invest To Earn 4-6% Interest
        • Honey Review: Save Money Automatically When You Shop Online
      • Categories

        • Saving Money
        • Frugality
        • Planning
        • Finance
        • Saving For Retirement
        • Savings Accounts
    • Close
  • Banking
      • Best Rates For 2019

        • Best Credit Cards
        • Best Savings Accounts
        • Best Mortgage Rates
        • Best CD Rates
        • Best Brokerages
        • Free Credit Scores
      • Recent Reviews

        • M1 Finance Review: Free Trading App And Automated Investing
        • Tablo 4th Gen Over-The-Air DVR Review: The Best Device For Cord Cutters
        • TradeStation Review: Commission Free Stock And ETF Trades
        • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
      • Categories

        • Bank & Software Reviews
        • Investing
        • Credit
        • Banking
        • Mortgage
        • Insurance
        • Family Budget
    • Close
  • Recommended
  • Video
    • Close

Kids And Money: Make Saving Fun With Remote Deposit

By Miranda Marquit 2 Comments - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited February 10, 2014.

Share
Pin4
Tweet
Share3
7 Shares

A few years ago, when ING (now Capital One 360) was running a promotion for opening a kids savings account, I took the plunge for my son. However, I couldn’t get him interested in depositing money into the online account. He preferred taking his cash to the credit union, where he has a kids savings account, and physically depositing it.

Recently, though, I had an epiphany. He’s a 10-year-old boy. He loves all things gadget-y, and he’s fascinated with my iPhone. So, I decided to bribe him with the idea of using the cell phone to deposit money.

Remote Deposit to a Kid’s Savings Account

First of all, I had to get him excited about the prospect of depositing money into the online savings account. So I showed him that, even though he hadn’t added money to the account in a couple of years, it was still earning interest. We looked at the account history, and he could see that he had been earning free money. Then we compared the interest rate on the online account with the rate from the brick and mortar account.

Capital One 360 Mobile AppWe talked about how there was more free money to be earned with the online account. Still, though, he was hesitant. He really likes the physical aspects of depositing money.

That’s when I told him he could deposit the money with the cell phone. Of course, it takes a little doing, but, in reality, it’s still easier than driving out to the credit union. Here are the steps we followed to deposit the money into his online account:

  1. My son counted his money to see how much he had. This is one of the most exciting parts of the saving process for most kids. They love to see how much they have amassed. My son counted out the money and then gave it to me.
  2. I wrote a check for the amount. Yes, I had to pull out the little-used checkbook for this exercise. However, my son was thrilled that I wrote out a check to him. He also thought it was cool to endorse the check on the back, as he has seen me do with checks I receive from clients.
  3. We used the bank’s cell phone app to snap the appropriate images of the check. It was easy to fill in the information about the check, and identify which account it should go into.
  4. We checked the account history online to see that the amount was “pending.” It was good enough for my son, though, to see that suddenly his account was bigger. After looking at the amount, he made the following realization: “At the end of the month, the free money I get in interest will be enough to push my balance over $200!“

While process was a little cumbersome, it only took about five minutes total, and my son relished every second. He wants to withdraw all his money from the credit union now and move it to the online account. He’s also excited to save up his money, demanding to know how much he needs to save up before I think it’s worth it to write him another check that he can deposit via cell phone.

I’m glad that this experience has re-kindled an interest in saving in my son. I’m also glad that it has laid a foundation for talking about interest, since he’ll be ready to start learning about investing in the next couple of years.

How do you encourage your kids to save?

Related Posts

  • 3 Ways To Trick Yourself Into Saving Money

    I don't know about you, but sometimes I have a difficult time saving money. If the cash is there, it ends up getting spent! For…

  • 10 Fun And Free Things To Do

    I'm so bored These can be some of the most expensive words to come out of someone's mouth because in most cases the phrase is…

  • Saving Money At The Movies This Summer

    Save money at the movies this summer by implementing the advice in these helpful tips. Time to save at the silver screen!

Share
Pin4
Tweet
Share3
7 Shares
Last Edited: 10th February 2014 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Children, Saving Money

About Miranda Marquit

Miranda is a freelance writer and professional blogger. She writes for a number of personal finance blogs, including the AllBusiness Personal Finance Corner. She has a M.A. in journalism, and is the main author of Planting Money Seeds. Miranda lives Utah, where she enjoys spending her free time reading, traveling and playing with her son and husband.

Comments

    Share Your Thoughts: Cancel reply

  1. DC @ Young Adult Money says

    I don’t have kids so I don’t encourage them to save : / I think if you can make it fun, though, it obviously is going to make them enjoy the process more. I think kids have fun seeing their accounts build up, and this app seems to be a great way to do that.

    Reply
  2. Peter says

    Teaching kids to save and teaching them financial literacy is critical to their lifelong happiness. I heard most of Americans are not even financially literate as an adult.

    Reply
Previous Post: The Power Of Saying Thank You To Improve Your Life
Next Post: What Is Title Insurance And Do I Need It?
Discover Investment Platforms

Popular Posts

  • 21 Easy Ways To Earn Free Amazon Gift Cards
  • 10 Best Free Tax Filing Services And Software Online
  • 21 Apps That Pay You Real Money Fast
  • 17 TV Apps And Live TV Streaming Services To Watch TV Free
  • 30 Legit Online Jobs That Pay Well
  • 37 Easy Ways To Get Free Gift Cards
  • How To Get Free Stock
  • 40 Easy Ways To Get Free Money Fast
  • 21 Places To Read Free Books Online
  • 24 Legit Online Jobs
  • 17 Best Work From Home Jobs: A List Of Legit Online Jobs That Pay Well

Recent Posts

  • A Eulogy And A Remembrance Of My Dad, Mark Lloyd Anderson
  • Why Do We Celebrate Our Independence On The Fourth Of July?
  • Enjoy Your Memorial Day But Let’s Remember Those Who Gave The Ultimate Sacrifice
  • 25 Bible Verses For A Happy New Year!
  • Merry Christmas To One And All: The Original Christmas Story
  • 401k Contribution Limits And Rules
  • Traditional And Roth IRA Contribution Limits Announced
  • M1 Finance Review: Free Trading App And Automated Investing
  • Tablo 4th Gen Over-The-Air DVR Review: The Best Device For Cord Cutters
  • Living Stingy: 13 Tips For Spending Less

Disclaimer

The information contained in BibleMoneyMatters.com is for general information or entertainment purposes only and does not constitute professional financial advice. Please contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with some of the companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.

Any references to third party products, rates, or websites are subject to change without notice. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.

We respect your privacy: Privacy Policy.

Thanks for visiting!

Bible Money Matters - Seen On These Sites and more..
Bible Money Matters is a personal finance, entrepreneurship and investing community. Give more, save more and live more.

Copyright © 2025 · Bible Money Matters | Sitemap | Advertise | Privacy Policy