Imagine you have bunch of acorns. If you keep them in a jar, they can’t grow into a tall oak tree. Just the same, your money won’t grow if it just sits in your piggy bank.

If you want to reach your short-term goals, such as buying a video game or a new watch, you need to put your money in a place where it can grow into more money. Your money will grow if you put it in your local bank. Here's how to open your own savings account!

First, choose a bank that’s convenient for you. It could be your parents’ bank, or a bank that’s close to your home. Next, take your SAVE money and ask your parents to take you to the bank. You should bring your social security card. Remember - you will not put your SPEND, INVEST AND DONATE money in your bank account. Take only your SAVE money! Ask your parents to come with you. You should bring your social security card.

How much money do you need to open up a savings account? Ask your parents to call the bank to find out before you go.

Bank accounts protect your money. Once in a bank, other people can’t get to your money. You and your parents are the only people who are allowed to make decisions about your money. That’s a law.

But that’s not all. Your savings account will earn extra money for you. Banks pay you "interest" to keep your money. In order to pay you interest, banks make money by investing their customers' money. They also loan it to customers who want to buy a house or expand their business. If you want to know more about how banks earn money for us, read Meet the Parent Bank lesson #11.

The more money you deposit into the bank, the faster it will grow. Soon you will have enough to reach your short-term goals!