In an economy where many savings accounts are shrinking, Colfax Max owners Jason and Tara McKinney are sending a message of fiscal responsibility to the next generation.
In fact, they are putting their money where their mouths are by encouraging Colfax Elementary School students to open a savings account at the Colfax branch of U.S. Bank.
“One of the best ways to help kids on the path of financial responsibility is to teach them to be wise with their money and to start saving it,” he said.
The idea for the Colfax Max Student Savings Program originated when McKinney took his son, a fourth grader at Colfax Elementary, to open a savings account.
“Americans are at an all time low as far as personal savings. I thought ‘wouldn’t it be great if more kids could open a savings account,’” recalled McKinney, who has donated more than $16,000 in cash and meals to local schools since purchasing the business nearly two years ago.
While opening his son’s account, McKinney started thinking about encouraging other children to open their own savings accounts. He asked if the $25 opening fee was negotiable.
“If they could get the original investment down to $10,” he said, “I would be willing to split that with any student from Colfax Elementary. If they put in $5, then I would put in $5.”
McKinney worked on the concept for six months to make sure it was viable.
When the Colfax branch presented McKinney’s proposal to the corporate level, they not only approved the plan, but also agreed to donate $5 to the student’s classroom.
“All the students need to do is go into Colfax Max and get a certificate for their savings program, and bring it in,” said Jessica Trompeter, an U.S. Bank employee for nine years. “I think it is an awesome program. Hopefully, we can get the word out and get more kids to start thinking about being responsible with their money.”
U.S. Bank and Colfax Max are hoping this innovative program will help school children develop healthy spending and saving habits while also helping out Colfax Elementary School.
For McKinney, it’s more about giving back to the community he feels has given overwhelming support to his business.
McKinney, who is opening a second restaurant on Rollins Lake this summer, recognizes the truth in the adage, “It takes money to make money.”
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Colfax Max Student Savings Program
Who: Open to Colfax Elementary School students
What: For every savings account opened, U.S. Bank will donate $5 back to the student’s classroom
When: By March 31
Where: Pick up certificates at Colfax Max, 555 So. Auburn St., Ste. E
Info: Call 346-7404