Bank Of America's New Banking Account Helps Parents Teach Kids Money Management: Details

Bank of America Corporation BAC shares are trading higher on Thursday. The company launched SafeBalance Banking for Family Banking.

This is a new account that equips parents with tools and resources to help their children develop healthy financial habits and manage their money through a secure digital experience.

This solution allows parents to open accounts for their children under 16 and will include additional enhancements next year.

The bank launched Family Banking in Connecticut, Maine, and Rhode Island, with plans for nationwide availability by December.

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Mary Hines Droesch, Head of Product for Consumer, Business and Wealth Management Banking and Lending at Bank of America, said, “For many parents, it can be hard to find the right financial tools and resources that can also instill positive financial habits in their children.” 

“Family Banking offers the foundation young people need for managing money, with support for parents seeking to help their children on the path to financial health and independence.”

This week, Bank of America disclosed that it is on track to launch over 165 new centers in 63 markets by the end of 2026, including nearly 40 centers this year.

Investors can gain access to the stock via First Trust Nasdaq Bank ETF FTXO and Invesco KBW Bank ETF KBWB.

Price Action: BAC shares are up 0.46% at $39.43 at the last check Thursday.

Photo via Shutterstock

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