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Moderator
ModChristine
Posts: 1,382
Registered: ‎05-24-2013

Does your child have a personal savings account?

Several children of my Mommy friends have had their own personal kids savings account at a bank since very early on.  While my husband and I have our own account, I never took my son to open one for himself.  I had the best of intentions through the years but here I am revisiting the subject so you can gather that I never got around to it lol.  My son has quite a bit of money saved now from recent occasions and I'm going to take him to open his very own account before school starts. I think this will help him learn how bank accounts and interest work.  Hopefully it will also motivate him to save more in the future.  Right now I am trying to talk him out of buying a $40 toy that I know he will be tired of in a few months! 

 

Do any of your children have an account?  Did the bank offer any type of incentive to children opening a new account?  I've heard of a bank where I live giving them a new "piggy bank" when they sign up.

~ Christine ~
Mom to a sweet little girl and 2 busy boys
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New Contributor
empowermen40661
Posts: 2
Registered: ‎08-18-2013

Re: Does your child have a personal savings account?

Yes! My children have a bank/savings account since the day they were born. :smileyhappy:

 

Their grandma deposites a fixed amount each month.

 

I read you want to teach your children about banks and interest. I recently wrote a blogpost on my personal blog about 7 Things Your Children Should Know About Money, you can read it here.

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Regular Contributor
HostTammy
Posts: 245
Registered: ‎05-28-2013

Re: Does your child have a personal savings account?

Yes, all three of ours have saving accounts. Our youngest is three, she has no clue. Our son is 7 and would rather spend every penny he gets on legos. Our daughter that is 9 is very aware of how money works, saving and spending.

 

Any gift of money they receive goes into their savings. We have a 60 40 plan, they get to keep 60 percent of what ever they have and 40 percent goes into their account. I know the younger kids don't understand the concept but it has been wonderful for our oldest.

 

When they are ready to go off to college they get the savings and the hope is that they have learned by then how to manage their money. The deal if they don't go to college, they don't get all of the money, only 40 percent of it. The reason behind this is because we have an automatic deposit every pay period that goes into their savings. The money is intended for college years so if they don't go, they don't get the money.

 

I wish that someone had taught me how to manage money. I would rather have been taught then had to have learned the hard way.

 

Tammy

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Occasional Visitor
dplmontoya
Posts: 1
Registered: ‎06-06-2014

Re: Does your child have a personal savings account?

Tammy your approach is a great idea I too have accounts for my daughters but I never know how much to deposit. Now I have an idea!!
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MrsSKbearmom
Posts: 42
Registered: ‎03-06-2014

Re: Does your child have a personal savings account?

[ Edited ]

Yes, both of kids (5 & 3) have a young savers account. My oldest knows she has an account and we have taken money up there to deposit in it when her piggy bank is full. We started it when she was really young with money she got in birthday cards, but now that she is older she likes to pick out something to buy with her birthday money. We just started the 3 yr olds about 5 or 6 months ago, same way- birthday card money.  I keep trying to convince my in-laws to deposit money in the savings accounts instead of buying them too much stuff at Christmas that they never play with, but of course they don't.

 

That is a great way to do that Tammy- may have to start something like that with my oldest now.We have told her that the intention of it was so that when she is older she can use it towards her 1st car, or maybe towards college-related needs.

 

P.S. My oldest "made" quite a few dollars when she started learning the Pledge of Allegiance in pre-school. A family member thought it would be cute to give her a dollar when she did it for us and next thing we know she was saying it for everyone that came over. She was rolling in money on Thanksgiving, lol.

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