News & Stories

January 2024

Set your child up for financial success with a bank account

Managing a bank account is a great way for kids to attain financial literacy. This also can instill a sense of responsibility, autonomy and transparency that will serve them well throughout their lives.

Minors can have a joint bank accounts with their parent and manage the account with a separate online banking ID and password. Using Hanmi Online Banking and the Hanmi Mobile Banking app, parents can directly see how the children are understanding, evaluating and managing the financial resources in their hands.

1. Educational Empowerment: Granting minor children their own bank account and online banking ID allows them to actively engage with their account, track transactions, and understand the flow of money. This hands-on experience lays the foundation for responsible money management.
2. Autonomy and Responsibility: A separate online banking ID encourages a sense of financial autonomy. It gives minor students the ability to monitor their spending, set savings goals, and make informed financial decisions within the parameters set by their parents.
3. Transparent Communication: The use of their own bank account and online banking IDs can enhance communication between parents and their children. Regularly reviewing transactions together, for example, facilitates conversations about budgeting, saving, and responsible spending. This transparency builds trust and strengthens the parent-child relationship.
4. Financial Planning Skills: Managing personal finances involves planning and organization. Hanmi offers Financial Tools within the online/mobile banking platform that lets users learn how to organize their expenses, plan for future purchases, and understand the importance of budgeting. See how Hanmi Financial Tools can help HERE.
5. Building Savings Habits: A bank account can be a motivator, encouraging children to develop healthy savings habits from an early age. Parents can also use this opportunity to introduce concepts like interest and long-term financial planning.

Interested in opening a bank account for your child? Please visit one of our branches and ask about Student Checking account and Kids Savings account.