Saving Today
Saving money is a good habit to get into. You shouldn’t spend all the money you get for allowance. By saving money you can buy things that you want, such as a bike or toy. Some kids save their money in a piggy bank or jar, but you should save your money in a bank where it is safe and can earn interest.

Interest
What is interest? It’s the best reason why you should save your money in the bank. The more money you keep in your account, the longer you leave it there, the more money the bank will give you. The bank multiplies how much money is in your account by the interest rate and that’s how they come up with the amount of interest you get. Why does the bank pay you interest? The money that you give to the bank doesn’t just sit in the vault all of the time. The bank takes that money and invests it to make more money, that’s why they pay you interest.

School Savings Accounts
How do you keep money at The New Richmond National Bank?
At NRNB, you can open a school savings account at Felicity Elementary, Holly Hills Elementary, Locust Corner Elementary, Monroe Elementary or New Richmond Elementary Schools. You can open your account with any amount of money. If you want to take money out of your account, this is called a withdrawal. All you have to do is visit the bank and see a teller and we will subtract the money you want from the current balance in your account. When you give the teller money to put into your account this is called a deposit.

Other Bank Services
Banks have many other services, too. For instance, grown-ups can take out loans from the bank to buy expensive items that they could not afford otherwise, such as a car or house. They have to pay the loan back to the bank at a future time. Bank employees called Loan Officers help grown-ups with this process.