Does your child have a personal savings account?
07-31-2013 11:34 AM
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.