The mortgage lending team at Rock Canyon Bank was handpicked to ensure we deliver the highest level of expertise with the friendly and knowledgeable customer service that our neighbors count on from our bank.

Kid’s Rock - Teaching Your Child to Save

Children’s mindsets are focused on instant gratification. If left to their own devices, kids will almost always choose a penny candy over saving for something in the future.

If you’ve tried to convince your child to save their allowance for a skateboard they’ve been eyeing instead of instantly spending it on more points/coins/etc. on their mobile dragon farm or online soccer tournament, then you probably know this feeling well.

Since it is not typical for a child to think farther into the future than a few days (or few hours), it’s our job as parents to teach them. Researchers at the University of Cambridge are finding that a person’s money habits are typically formed by age 7, which means it’s important to start good financial habits young.

We at Rock Canyon Bank know that teaching kids good savings habits can be a challenge. That’s why we offer a Kid’s Rock savings program. This program encourages and rewards savings by offering incentives like piggy banks and prize tokens for children under 12, and making contributions to older kids’ accounts based on good grades. Details about this program can be found at

Along with our Kid’s Rock savings program, we also want to offer a few tips for your savings education process:

  1. Start Early. It’s easier to start teaching savings at a young age than to try to implement it with an older child after he or she has already developed spending habits. Start right away with teaching your child which money is allocated to savings and which is allocated for “now” and you’re less likely to be met with resistance.
  2. Set a Goal. Help your kids set a goal for something they’d like to save up for. Start with something small and accessible (if they have to save up for months and months they’ll get bored and frustrated by the process), and then increase the ante as they begin to understand the process.
  3. Count with Them. Every time your child makes a contribution to their savings account toward their goal, add up the total and talk together about how much more your child needs to meet his or her goal.
  4. Match It. Consider matching your child’s savings contributions to help get their mind thinking about investments. Match some or all of their savings contributions, then help them do the math to see how much the matching will add up over time.
  5. Set an Example. You are the best role model for your children. Set a good financial example by talking to them about why you maintain your particular money habits, and involve them in financial decisions that impact them.

For instance, discuss why sticking to your grocery budget lets you eat out as a family next week. Let your child help you decide where to go on family vacation and let them help research hotels and activities that are within the budget. (Bonus: help them remember to put money in savings for a souvenir for themselves or for a friend.)

Rock Canyon’s Kid’s Rock Savings Accounts have no minimum opening deposit or minimum balance requirement. They have special tiered interest rates based on the balance, and offer rewards such as matched opening deposits, piggy banks, reward tokens, and a good grades reward program. Learn more about our Kid’s Rock savings options by going to or visiting your local branch today.