Machias Savings Bank

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Savings Accounts for Kids: How To Help Your Kids Learn How To Manage, And Grow Their Money.

Want to get a young person started on the road to Financial Health?

Thinking of opening a bank account for a newborn, child, or young adult? Join the club! The MSB Kids Club teaches children how to spend wisely, save up for something they want to buy or invest in, and share their resources with others.

Financial skills are critical life skills. From opening a bank account for a baby or newborn to helping your child spend or save their birthday money or babysitting earnings, it is never too early to help them get started on the road to Financial Health. That is why we made sure the Machias Savings Bank free savings account for kids offers so many fun, age-appropriate ways to learn about managing money responsibly.


Our relationship bankers are often asked “Can I open a savings account for my baby?” The answer is yes! The birth of a new baby often prompts grandparents, new parents, relatives, and friends to open or contribute to a long-term savings account for children or purchase a children’s savings bond to secure their financial future or help with college expenses. Whether you open a savings account for a baby before the baby shower or during their infancy, you are providing them a valuable head start on their financial health.

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In fact, in Maine, one investment for children is automatic! “All new babies in Maine get an extraordinary gift at their birth—a $500 Alfond Grant that is invested for their educational expenses after high school,” says Melissa Denbow, VP of Corporate Giving and Community Relations. “It takes just a few steps to secure this money and start contributing or let it earn interest while your baby grows. When we realized that families in Washington County were not claiming their NextGen College Savings accounts at the same rate as other counties in Maine, we began reaching out to area schools and to our existing customers to raise awareness and help parents access these resources.”

Do you have questions about claiming or accessing your child’s NextGen College Savings Account or your FAME Match? Machias Savings Bank Relationship Bankers are always here to help you manage your children’s savings and financial health.


When our relationship bankers are asked “Can I open a savings account for my child” we tell them they can do a lot more than that. At Machias Savings Bank, their child can join a club that can teach them how to spend, save, and share their money now and as they grow.

+ Kids Savings Bank

Every Machias Savings Bank account for kids comes with a free My MSB Money Bank. Do you remember your first piggy bank? Whether it looked like a pig or a treasure chest or a bank safe, there was something so satisfying about feeding it quarters and bills, feeling it grow heavier, and giving it a good, loud shake now and again.

“As we grow into adulthood and acquire debit cards, checkbooks, online banking accounts, and payment apps, we use cash less,” explains Melissa Denbow. “But for children, paper money and coins offer a tangible, concrete way to think about and manage their money.”

When you put children’s savings into a piggy bank, you teach them basic counting, addition, and subtraction skills. You help them see their savings grow over time. And you ask them to be deliberate and thoughtful about when they open their piggy bank to make a purchase.

“When I visit classrooms to teach financial skills, I always ask students what they want to do with their money. I ask them to write it down or draw a picture of it and put it somewhere they can see it,” Melissa shares. “When they can really visualize their goal, it makes it easier to take the steps and make the sacrifices to reach it. “

+ An Annual Birthday Card—with Five Bucks!

Birthday money often prompts parents to start thinking about their children’s savings—and children to start thinking about their personal financial goals. MSB Kids Club sends members a $5 on their birthday to celebrate their big day and boost their savings in a fun way.

+ Quarterly Issues of Money Sense, the MSB Magazine for Kids

Our financial newsletter for kids is full of advice, activities, and artwork, all designed to help kids learn and practice good money management and build a solid foundation for Financial Health.

The MSB Kids Club is a savings account for babies and children age 12 or less. Our savings accounts for teens are the same as our adult offerings, allowing you to tailor your child’s savings account to their goals. Ask your relationship banker about tax-sheltered college savings plans, interest-bearing checking accounts, and more.

Our investment in the Financial Health of future generations goes far beyond children’s saving accounts, however. During the month of April, you will find our dedicated team visiting schools across Maine to teach financial skills for “Teach a Child to Save Month.” Machias Savings Bank is also the statewide Personal Finance Sponsor for the Junior Achievement program in Maine and we serve on the JumpStart Board, which sends five Maine teachers to a conference on financial wellness education each year.

“You can open an under-18 savings account at any bank,” Melissa Denbow. “At Machias Savings Bank, you open up a relationship, and that really sets us apart. We help kids develop sound financial principles and skills that support them their entire lives—whether or not they bank with us. It’s a key part of our commitment to Move Maine Forward.”

Healthy financial habits start at home! For parents looking for fun ways to start age-appropriate conversations about spending, saving, and sharing, Machias Savings Bank recommends reading books together. Bunny Money with Max and Ruby, Dollars and Sense with the Berenstein Bears, Little Critter Just Saving My Money, and One Cent, Two Cent, Old Cent, New Cent by Dr. Seuss are all amusing and relatable ways for children to absorb money management skills.


At Machias Savings Bank, we believe in meeting Maine’s people where they are and making it possible for them to reach their hopes and dreams. Opening a savings account for a child also opens up new possibilities for their future—and My MSB Kids Club can help you.

Learn More - My MSB Kids Club Savings

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*Consult your tax advisor for more information.


As a customer of Machias Savings Bank, the focus is on you. We will enhance your banking relationship by working with you to discover your banking needs. We will be there when you need us.


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Routing Number: 211274531
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