A children’s book that Bank Iowa promises is "big on heart and humor" is available to area residents beginning June 18. Developed in conjunction with illustrator and artist Nathan T. Wright, "Eleanor Saves the Day," is the bank’s gift to every parent who opens a Bank Iowa Young Savers account for their child from now through July 31, 2019.
In addition to a copy of the book, the bank will also provide up to a $25 match of the account opening deposit.
Bank Iowa VP of Marketing Josh Fleming said the book is a part of the bank’s intention to help kids and their parents navigate an increasingly tumultuous financial services ecosystem.
"There’s a lot of noise out there when it comes to teaching kids about money," said Fleming. "Whereas financial lessons once came primarily at home and school, kids are now streaming YouTube videos and downloading apps to satisfy their curiosity about money. The tale of Eleanor gets back to the basics, using a classic medium to show kids how making good choices with money puts them on a path to financial freedom."
Fleming says author visits are available for Iowa schools beginning in September. Educators interested in scheduling a visit should reach out at email@example.com.
"Eleanor Saves the Day" is a homegrown project, with writing, illustration and printing all possible thanks to Iowa businesses.
About ‘Eleanor Saves the Day’
The story of Eleanor begins with her parents opening a savings account immediately after she’s born. As she grows, Eleanor learns about money at school, at home and from her very own lemonade stand venture.
Eleanor deposits her lemonade stand earnings into her savings account. She watches her balance grow through high school into college. Eleanor experiences financial hardships over the years, a decision Fleming says was based on real challenges faced by real people.
"We felt it was important to prepare kids for inevitable hiccups on the road to financial freedom," he said. "The story line opens doors for parents to discuss values like perseverance, optimism and hard work."
After a lifetime of budgeting and saving, the money Eleanor has saved all her life helps her start another business, this time as an adult. Eleanor’s financial freedom manifests in travel, paying off her student loan debt, giving back to her community and starting a family.
To further engage young readers, each page contains a hidden object that keeps curious eyes trained on the book as the story unfolds.
About Bank Iowa Young Savers Program
According to Fleming, Bank Iowa customers are getting younger and engagement among the very young is picking up. Among the bank’s Young Savers, nearly a third have been opened in the last five years. The average age of a Bank Iowa Young Saver is 12 years old.
The Young Savers Account from Bank Iowa is designed specifically for children 18 years and younger. Parents can easily access the funds for account management and to help guide children’s financial decisions.
There is no minimum opening deposit and no minimum balance to maintain. Account owners receive the benefit of earned interest, complimentary identity theft protection services and access to Bank Iowa’s online and mobile banking platforms.
Offer valid for new Young Saver account relationships opened through July 31, 2019. Child must be 18 years old or younger to open a Young Saver account, and accounts for children under the age of 10 must be opened as an IAUTMA with a single custodian. No minimum balance required to open or maintain this account. The matching deposit will be made to the savings at account opening but will be deducted from the account if it is closed by the customer within 30 days. As of June 14, 2019, the annual percentage yield (APY) is 0.10% for balances less than $1,000 and 0.15% for balances $1,000 or more. Theses APYs may change at any time.