America's Kids, Teens, and Parents Save $20 Million in 2006 Through the Early Earners Program.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- In its first full year of operations, Early Earners (www.earlyearners.com), the first and only financial learning site for families that facilitates the startup of savings programs, helped America's families save over $20 million for the future. The company helps children and their parents save with HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Direct, the online-only banking business of HSBC Bank USA HSBC Bank USA, N.A., the United States subsidiary of the HSBC Holdings plc, is a bank with its head office in New York City. History The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank of New York State, headquartered in , N.A. HSBC Direct currently yields 6.00% APY APY See: Annual Percentage Yield 1 on new money deposits through April 30, 2007 and will return to an aggressive rate in May. "The key is to teach families about the importance of saving while giving them the ability to start a high-yield savings program immediately with as little as one dollar," said Early Earners co-founder David Crosta. The company's Web site does just that, appealing to kids and teens as well as their parents with easy-to-understand language, and a quick and easy approach to securing one's future, dubbed The Early Earners Method. Automatic saving may have contributed in part to the explosive growth of deposits this year. Early Earners allows parents to save with their kids by setting up regular, automatic transfers from their checking accounts into their children's savings. The site teaches by example, citing that if a family were to establish automatic transfers equivalent to $3 a day when a child is 5, that savings fund could hold more than $38,000 when the child turns 25, assuming 5.05% APY. More advanced calculators allow families to forecast results of their own customized savings programs. After more than doubling its first-year deposits target of $8 million, the Early Earners team believes it can do it again in 2007. "It has become clear to us this year that American families want to save with their kids, and they just need help and encouragement," said Crosta. "I personally believe that we have just scratched the surface of a large and growing group of family savers looking for a simple, effective program that works." About Early Earners, Inc. Early Earners, Inc. was founded in 2005 with the mission to make saving less daunting daunt tr.v. daunt·ed, daunt·ing, daunts To abate the courage of; discourage. See Synonyms at dismay. [Middle English daunten, from Old French danter, from Latin for adults and children. By providing a simple, straightforward and results-driven program, the company helps Americans of all ages incorporate realistic saving into their lifestyles. Early Earners, Inc. is incorporated in the state of New York, and is privately held. The company is based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . About HSBC USA Inc. HSBC USA Inc. is the holding company for HSBC Bank USA, N.A., HSBC National Bank USA and other U.S. banking subsidiaries, which together have a U.S. branch network of more than 430 branches in nine states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , with nearly 400 branches in New York State. These entities serve more than 3 million U.S. individual and corporate customers and offers a full range of banking products and services. HSBC USA Inc. is an indirectly held, wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of HSBC North America Holdings Inc., one of the nation's 10 largest bank holding companies by assets. HSBC Direct is HSBC Bank USA's online-only banking business that offers a savings account with highly competitive interest rates, no monthly fees or minimum balance requirements, and external account connectivity. Website Information URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. http://www.earlyearners.com 1 Annual Percentage Yield (APY) is a promotional rate for New Money deposited. See www.hsbcdirect.com for full details. |
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