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America's Kids, Teens, and Parents Save $20 Million in 2006 Through the Early Earners Program
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Added: 02/15/2007
Type: Summary
Viewed: 134 time(s)
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America's Kids, Teens, and Parents Save $20 Million in 2006 Through the Early Earners Program
In its first full year of operations, Early Earners (www.earlyearners.com), the first and only financial learning site for families that facilitates the startup of savings programs, helped America's families save over $20 million for the future. The company helps children and their parents save with HSBC Direct, the online-only banking business of HSBC Bank USA, N.A. HSBC Direct currently yields 6.00% APY(1) on new money deposits through April 30, 2007 and will return to an aggressive rate in May.
"The key is to teach families about the importance of saving while giving them the ability to start a high-yield savings program immediately with as little as one dollar," said Early Earners co-founder David Crosta. The company's Web site does just that, appealing to kids and teens as well as their parents with easy-to-understand language, and a quick and easy approach to securing one's future, dubbed The Early Earners Method.
Automatic saving may have contributed in part to the explosive growth of deposits this year. Early Earners allows parents to save with their kids by setting up regular, automatic transfers from their checking accounts into their children's savings. The site teaches by example, citing that if a family were to establish automatic transfers equivalent to $3 a day when a child is 5, that savings fund could hold more than $38,000 when the child turns 25, assuming 5.05% APY. More advanced calculators allow families to forecast results of their own customized savings programs.
After more than doubling its first-year deposits target of $8 million, the Early Earners team believes it can do it again in 2007. "It has become clear to us this year that American families want to save with their kids, and they just need help and encouragement," said Crosta, "I personally believe that we have just scratched the surface of a large and growing group of family savers looking for a simple, effective program that works."
About Early Earners, Inc.
Early Earners, Inc. was founded in 2005 with the mission to make saving less daunting for adults and children. By providing a simple, straightforward and results-driven program, the company helps Americans of all ages incorporate realistic saving into their lifestyles. Early Earners, Inc. is incorporated in the state of New York, and is privately held. The company is based in New York City.
About HSBC USA Inc.
HSBC USA Inc. is the holding company for HSBC Bank USA, N.A., HSBC National Bank USA and other U.S. banking subsidiaries, which together have a U.S. branch network of more than 430 branches in nine states and the District of Columbia, with nearly 400 branches in New York State. These entities serve more than 3 million U.S. individual and corporate customers and offers a full range of banking products and services. HSBC USA Inc. is an indirectly held, wholly owned subsidiary of HSBC North America Holdings Inc., one of the nation's 10 largest bank holding companies by assets.
HSBC Direct is HSBC Bank USA's online-only banking business that offers a savings account with highly competitive interest rates, no monthly fees or minimum balance requirements, and external account connectivity.
(1) Annual Percentage Yield (APY) is a promotional rate for New Money deposited. See www.hsbcdirect.com for full details.
Website Information
URL http://www.earlyearners.com
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