The Bank for kids

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The idea of the Bank is the following: the parent borrows from a child certain amount of money and agrees to pay interest from the bank loan. The interest is expressed in terms of a year (precisely 365 days), but it is calculated whenever one enters the kid's account, at most once per day. The kid can therefore see the effects of saving every day. Instead of giving a child money in a constant amount the parent pays the interest, i.e. gives the child the money depending on how much it has saved.

The Bank fulfills an educational role. It encourages the kid to refrain from the consumption in order to cover the costs of an investment. If you give a kid money it is usually spent on consumption immediately, but thanks to the Bank the kid can see the reason to save money. The benefits of saving money can be more obvious if you set a large percentage (for example 1000% yearly).


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