It’s never too early to start saving!
Bringing a new child into your life is an amazing experience. Opening a Newbee account is a great way to prepare for the new addition to your family or to start saving for college.
How does the program work?
Parents (grandparents, aunts and uncles too) with infants 0-3 years can start saving for their children’s future by establishing a Newbee account. To open the account all you’ll need is a 5 cent membership fee and an initial $5.00, plus a photocopy of the Newbee’s social security card. The infant receives quarterly dividends on their account balances of $100.00 or more.
What happens when my child turns four?
On your child’s fourth birthday, the Newbee account will automatically convert to a Pelican Pennie account, our savings program for children between the ages of 4 and 12. Designed to help children learn smart financial lessons and have fun, the Pelican Pennie account has some neat perks. The child receives dividends on Pelican Pennie Savers Club balances of $100 or more, obtains access to a fun website and a quarterly, just-for-kid, newsletter to help them start to learn about money. For every net $5.00 deposit, your child will earn one Pelican Pennie Voucher, redeemable for great toys from Pennie’s Treasure Chest.