In uncertain times, seniors can provide financial insight

June 9, 2020 at 9:30 a.m. | Updated June 11, 2020 at 9:32 a.m.

by Brandi Dixon

As the next generation comes up and begins to make plans for their future, it may look more unsure now than ever. However, it doesn't have to be that way, especially when it comes to those all important financial decisions and practices, as senior citizens right here in the Scenic City can offer their sound guidance, as shared by the professionals at SouthEast Bank.

"Older adults and seniors can instill sound financial habits for high school and college students," shared Ron Jones, SouthEast Bank Chattanooga City President. "We have a number of products that support that."

Topping that mentioned list of products is the EDU Checking, which is a free checking account for students aged 13-24. Students must have someone on the account over 18 if a minor, and it pays cashback on qualifying debit transactions. Students also don't have to keep a minimum monthly balance on the account, and for added safety, it's covered under a 24/7 fraud protection program.

There's also an added convenience of easily sending money to family and friends (or receiving) with P2P, automatic bill payments and mobile deposits.

Seniors can help the students in their life learn more about EDU Checking at https://www.southeastbank.com/edu and get them signed up.

Another valuable tool to help connect senior citizens with their grade school-aged grandchildren is Banker Jr.

"This is a great tool for teaching financial literacy to kids and younger teens," Jones explained. "Basically, it's an app that kids can download and learn the importance of savings. Chores can be assigned for money, they can play money-related games and more to help understand the value of their work and savings."

Cute cartoon pup characters Miles and Millie guide children through fun ways to learn financial literacy that will stick with them in their journey to adulthood. The financial mobile app is designed to teach children ages 2-12 to set savings goals, keep track of their accounts, and learn other money concepts through interactive games and more. Chores that can be assigned for money earned is found in the Banker Jr. 3.0, while other games are made for different ages in mind to help kids learn about money through play.

Learn more about Banker Jr. at https://www.southeastbank.com/kids and download it for free today.

"We realize that many seniors are looking for ways to help the younger population have a firm foothold on finances," Jones said. "They've likely seen numerous economic downturns. The current environment we're in is probably not a surprise."

He went to explain that with COVID-19 canceling graduations, senior adults and parents have not had the opportunity to celebrate their grads' accomplishments.

"We believe EDU Checking and a savings account is a good way to do that," he noted. "Couple that with our Banker Jr. app and other education programs, seniors can feel good that we provide the guidance and resources that's important to instill in this generation."

And as for programs designed for seniors themselves, SouthEast Bank offers the Thrive Checking, which is a free checking account that could provide a bump on CD rates. Seniors can also benefit from free checks, plus other premium benefits exclusive to Thrive Checking.

Jones added that they also have Bonus Rate Savings with a generous APY, and plenty of CD options.

To learn more about SouthEast Bank, contact them at 423-242-6300 (downtown) or 423-238-4403 (Ooltewah). Overdraft/Returned items fees may apply to accounts. SouthEast Bank is Member FDIC.

Noteworthy:

"Older adults and seniors can instill sound financial habits for high school and college students," shared Ron Jones, SouthEast Bank Chattanooga City President.

For more information:

To learn more about SouthEast Bank, contact them at 423-242-6300 (downtown) or 423-238-4403 (Ooltewah).

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