From Piggy Bank to Family Banking: BofA Launches New Solution to Help Parents Raise Financially Savvy Kids
Bank of America (NYSE: BAC) has launched SafeBalance Banking® for Family Banking, a new solution designed to help parents support their children's financial education. This account offers tools and resources for parents to teach healthy financial habits and money management through a secure digital experience.
Key features include an intuitive digital interface, financial literacy resources, a child's first debit card, flexible parental controls, and no monthly maintenance fees for children under 25. The account is initially available in select states, with nationwide availability expected by December.
A Bank of America survey found that 90% of parents believe they are responsible for teaching financial literacy to their children, with 61% starting these conversations by age 10. The new Family Banking solution aims to address this need, offering a foundation for young people to manage money with parental support.
Bank of America (NYSE: BAC) ha lanciato SafeBalance Banking® per la Family Banking, una nuova soluzione progettata per aiutare i genitori a sostenere l'educazione finanziaria dei loro figli. Questo conto offre strumenti e risorse per insegnare ai genitori abitudini finanziarie sane e gestione del denaro attraverso un'esperienza digitale sicura.
Le caratteristiche principali includono un'interfaccia digitale intuitiva, risorse per l'educazione finanziaria, la prima carta di debito del bambino, controlli parentali flessibili e nessuna commissione mensile di manutenzione per i minori di 25 anni. Il conto è inizialmente disponibile in stati selezionati, con una disponibilità nazionale prevista entro dicembre.
Un sondaggio di Bank of America ha rivelato che il 90% dei genitori crede di essere responsabile nell'insegnare la competenza finanziaria ai propri figli, con il 61% che inizia queste conversazioni entro i 10 anni. La nuova soluzione Family Banking mira a soddisfare questa esigenza, offrendo una base per i giovani per gestire il denaro con il supporto dei genitori.
Bank of America (NYSE: BAC) ha lanzado SafeBalance Banking® para Family Banking, una nueva solución diseñada para ayudar a los padres a apoyar la educación financiera de sus hijos. Esta cuenta ofrece herramientas y recursos para que los padres enseñen hábitos financieros saludables y gestión del dinero a través de una experiencia digital segura.
Las características clave incluyen una interfaz digital intuitiva, recursos de alfabetización financiera, la primera tarjeta de débito del niño, controles parentales flexibles y sin comisiones mensuales de mantenimiento para menores de 25 años. La cuenta está inicialmente disponible en estados seleccionados, con disponibilidad a nivel nacional esperada para diciembre.
Una encuesta de Bank of America encontró que el 90% de los padres cree que son responsables de enseñar la alfabetización financiera a sus hijos, con un 61% que inicia estas conversaciones antes de los 10 años. La nueva solución de Family Banking busca abordar esta necesidad, ofreciendo una base para que los jóvenes manejen su dinero con el apoyo de los padres.
뱅크 오브 아메리카 (NYSE: BAC)가 가족 금융을 위한 SafeBalance Banking®을 출시했습니다. 이 새로운 솔루션은 부모가 자녀의 금융 교육을 지원할 수 있도록 설계되었습니다. 이 계좌는 부모가 건강한 금융 습관과 돈 관리를 가르칠 수 있는 도구와 자원을 안전한 디지털 경험을 통해 제공합니다.
주요 기능으로는 직관적인 디지털 인터페이스, 금융 소양 자료, 아동의 첫 번째 직불 카드, 유연한 부모 통제 및 25세 미만에 대한 월 유지비가 없습니다. 이 계좌는 처음에 특정 주에서만 제공되며, 12월까지 전국적인 제공이 예상됩니다.
뱅크 오브 아메리카의 조사에 따르면, 90%의 부모가 자신의 자녀에게 금융 소양을 가르치는 책임이 있다고 믿으며, 61%는 10세 이전에 이러한 대화를 시작합니다. 새로운 가족 금융 솔루션은 이 필요를 충족하고 부모의 지원을 통해 젊은이들이 돈을 관리할 수 있는 기반을 제공합니다.
La Bank of America (NYSE: BAC) a lancé SafeBalance Banking® pour la Family Banking, une nouvelle solution conçue pour aider les parents à soutenir l'éducation financière de leurs enfants. Ce compte propose des outils et des ressources pour permettre aux parents d'enseigner des habitudes financières saines et la gestion de l'argent à travers une expérience numérique sécurisée.
Les caractéristiques clés comprennent une interface numérique intuitive, des ressources sur la littératie financière, la première carte de débit de l'enfant, des contrôles parentaux flexibles et aucune frais de maintenance mensuels pour les enfants de moins de 25 ans. Le compte est initialement disponible dans certains États, avec une disponibilité nationale prévue pour décembre.
Un sondage de la Bank of America a révélé que 90 % des parents estiment qu'ils sont responsables de l'enseignement de la littératie financière à leurs enfants, dont 61 % commencent ces discussions avant 10 ans. La nouvelle solution Family Banking vise à répondre à ce besoin, offrant une base pour que les jeunes gèrent leur argent avec le soutien de leurs parents.
Die Bank of America (NYSE: BAC) hat SafeBalance Banking® für Family Banking gestartet, eine neue Lösung, die Eltern dabei helfen soll, die finanzielle Bildung ihrer Kinder zu unterstützen. Dieses Konto bietet Werkzeuge und Ressourcen, damit Eltern gesunde finanzielle Gewohnheiten und den Umgang mit Geld über eine sichere digitale Erfahrung vermitteln können.
Zu den Hauptmerkmalen gehören eine intuitive digitale Benutzeroberfläche, Ressourcen zur finanziellen Bildung, die erste Debitkarte für Kinder, flexible Elternkontrollen und keine monatlichen Kontoführungsgebühren für Personen unter 25 Jahren. Das Konto ist zunächst in ausgewählten Bundesstaaten verfügbar, mit einer landesweiten Verfügbarkeit, die bis Dezember erwartet wird.
Eine Umfrage der Bank of America hat ergeben, dass 90 % der Eltern glauben, für die Vermittlung von Finanzkenntnissen an ihre Kinder verantwortlich zu sein, wobei 61 % diese Gespräche bis zum Alter von 10 Jahren beginnen. Die neue Family Banking-Lösung zielt darauf ab, diesem Bedarf gerecht zu werden, indem sie eine Grundlage bietet, auf der junge Menschen mit elterlicher Unterstützung mit Geld umgehen können.
- Launch of SafeBalance Banking® for Family Banking to help parents teach financial literacy to children
- No monthly maintenance fees for account holders under 25
- Expansion of SafeBalance Banking to nearly 7 million accounts, including 3 million youth and young adult accounts
- SafeBalance now represents nearly two-thirds of all new consumer banking accounts opened at Bank of America
- None.
Insights
Bank of America's launch of SafeBalance Banking for Family Banking is a strategic move to capture a important market segment. This product addresses the growing need for financial literacy among young people, with only
The new offering aligns with consumer trends, as
The phased rollout strategy allows for fine-tuning before nationwide launch, minimizing risks. With SafeBalance Banking already boasting 7 million accounts, including 3 million youth accounts, this new family-focused version has a strong foundation for growth. It's a low-risk, high-potential move that could strengthen BofA's retail banking position and drive long-term revenue growth.
Bank of America's Family Banking initiative is a timely response to market demand. Our research shows a significant gap in financial literacy products for young consumers, which this offering directly addresses. The
The product's features, such as flexible parental controls and age-appropriate interfaces, are well-aligned with consumer preferences. The waived monthly maintenance fees for under-25s is a strong incentive for adoption and retention. This could lead to a notable increase in BofA's youth and young adult account base, currently at over 3 million.
The integration with Better Money Habits resources adds value beyond traditional banking, potentially increasing engagement and brand loyalty. If successful, this initiative could set a new industry standard for youth-focused banking, giving BofA a competitive edge in customer acquisition and retention in a important demographic.
Only
"For many parents, it can be hard to find the right financial tools and resources that can also instill positive financial habits in their children," said Mary Hines Droesch, Head of Product for Consumer, Business and Wealth Management Banking and Lending at Bank of America. "Family Banking offers the foundation young people need for managing money, with support for parents seeking to help their children on the path to financial health and independence."
A recent Bank of America survey found
"Designed with the whole family in mind, Family Banking offers the convenience and safety features parents seek, along with knowledge-building tools that will help set their children up for a strong financial future," said Holly O'Neill, President of Retail Banking at Bank of America.
Family Banking can be opened via Bank of America online banking or the mobile banking app and allows parents to maintain oversight of their child's spending and supervise the account. Key features include:
- Intuitive digital experience: Allows a parent to open and add a child to an account, and offers an age-appropriate banking experience
- Financial literacy resources: Easy-to-understand Better Money Habits educational resources help parents have personal finance conversations with a child
- Child's first debit card: When a child is ready for their first experience managing money or budgeting, parents can give them access to a physical or digital debit card
- Flexible parental controls: Daily spending limits, card lock/unlock features and real-time alerts act as guardrails and help teach responsible financial management
- Monthly maintenance fees waived: SafeBalance Banking® for Family Banking has no monthly maintenance fees while the child is under age 25
- Account 'Graduation': As a child's needs become more advanced, parents can add them as an owner to the account when they determine a child is ready
Family Banking launched today in select states (
To learn more about Bank of America's resources for parents and their children, visit www.BetterMoneyHabits.com/Family.
10 Years of SafeBalance Banking
Initially offered in 2014, SafeBalance Banking is celebrating its 10-year anniversary. This convenient, easy-to-use account has no overdraft fees and was designed to help clients manage their day-to-day finances. As of August 2024, SafeBalance Banking has grown to nearly 7 million accounts — including more than 3 million accounts held by youth and young adults. SafeBalance now represents nearly two-thirds of all new consumer banking accounts opened at Bank of America.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters May Contact:
Don Vecchiarello, Bank of America
Phone: 980.387.4899
don.vecchiarello@bofa.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/from-piggy-bank-to-family-banking-bofa-launches-new-solution-to-help-parents-raise-financially-savvy-kids-302259059.html
SOURCE Bank of America Corporation
FAQ
What is Bank of America's new Family Banking solution?
When will Bank of America's Family Banking be available nationwide?
What are the key features of BAC's SafeBalance Banking® for Family Banking?
How many SafeBalance Banking accounts does Bank of America (BAC) currently have?
