RealTime IT News

iCanBuy.com Offers 6 Percent Interest Checking for Youngsters

Adding to its money-management services, iCanBuy.com said that teen and kid members can earn 6 percent interest in online checking accounts set up at Security First Network Bank, a member of the Royal Financial Group.

In addition, with a minimum deposit of $100, members will receive a $30 credit good toward purchases at iCanBuy.com's partners.

"Security First Network Bank is the perfect partner to help iCanBuy teach teens and kids to manage money wisely," said Paul Herman, iCanBuy.com's chief executive officer. "Not only are they the No. 1-ranked Internet bank, but they are also creating innovative products that are redefining online financial services."

"Consumer enthusiasm for SFNB's recent 6 percent interest checking is indicative of a shift in the consumer mindset toward online banking," said Eric W. Hartz, president of SFNB. The program has been available through the bank since April.

"By enlisting iCanBuy.com, we provide the ideal forum for teens, kids and their parents to leverage the Internet to learn about managing their finances and using the net," Hartz said.

Teens and kids can get an SFNB account by becoming iCanBuy.com members and creating a joint checking account along with a parent.

SFNB has made available its savings account services to iCanBuy.com members since the site's launch in March. This 6 percent interest rate will last until April 15, 2000, at which time it will return to a comparatively competitive rate.

iCanBuy enables young people with parental approval to shop and bank online. Partners including eToys, AlloyOnline and Outpost.com, among others.