I just recently posted about how I have been thinking of setting up some sort of allowance system for my children to motivate them to not only earn money, but to save money as well. That leaves me to the question on when should you open your child’s first bank account. With my oldest daughter, I setup a bank account in her name when she was just a few months old. Since my mom setup my account at an early age, I had thought it would be a good idea to open one for my daughter years ago.
Now with my youngest children, I have not yet setup an account in their name. I have been waiting until they are old enough to know what a bank account is and I want them to go with me when I setup their account. So when my youngest get money, they stuff it in their piggy banks and sometimes use their money when the ice cream man goes by and they want a sweet treat.
Since my youngest daughter will be turning 8 soon, I am thinking it might be almost time to setup a savings account for her. I know when we visit the bank there will be options like a savings account or there are also junior isa accounts that allow parents a tax-free way to save for their children. I know the day that my daughter and I go to the bank to open an account in her name is going to be a day this girl will brag. She already loves saving money and knowing she has a special safe place for her money like mom and dad is going to make her day.
For those interested, there is a neat article on eHow on “How To Open A Bank Account For Your Child“. This article gives you some basic information and tips on opening an account for your children.
For those of you with children, do they have a bank account yet?
My kids don’t have bank accounts yet and I really need to correct that.
Great article and tips! We really should open up bank accounts for our kids.
I set one up for each of them the first month they were born…any money they get as a gift is put right in. They are too young to understand what it is and what it’s for, but that wouldn’t stop me from starting one right away, or else our money would get mixed up together and I’d feel bad if I didn’t know what was theirs.
I have a savings account set up for each of my children. All money they receive for birthdays and holidays goes into it. You’d be surprised how fast it grows.
At 22 months, Sweet T has no idea what money is so we will wait a while. It’s a must-do for older kids though. The credit union account I use today is the one my parents opened for me as a child!
All three of my children have bank accounts and I try to add a little something to them all every week!
Jake has had a bank account since he was 6.