So you have already thought your kids the importance of saving money. Now that you’ve done that isn’t it time to open a bank account for them and teach them the importance of banking their money? Well yes. I went to the bank and got my children savings accounts right after they were able to properly understand the use of money. Most parents will at first provide piggy banks for their children and so after this piggy bank is filled then it would be a good idea and a good time to take the money to the bank. Consider a local bank which could be walking distance or closer to home. Opening the account at the same bank you use could also be better so you can both visit at the same time. You will need to carefully look over the terms and conditions as well as the interest rates and fees associated with the account and the bank. Most banks will have savings accounts aimed for parents.
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Finding an account that doesn’t have monthly fees or a minimum balance requirement would be ideal for you kids. Accounts with no limits on small deposits are also better. Another thing you should look for are the banks that charge inactivity fees over a period of time. Based on the age of the child the accounts available will have different fess and terms and so you should carefully go through these terms. Older children will want to bank their money and then spend it on things they like such as toys while younger ones may just want to keep on making deposits so based on the age you should consider the needs before choosing an account.
When you get to the bank inquire about the services they provide for children the age of your kids. Some banks provide very useful teaching tools you may like. Some may give piggy banks to your child and then have them fill it and come in to deposit the coins once it’s filled. Some banks will even allow the child to go behind the counter and see the safe. These will help in giving the child a better understanding of saving and actually driving them towards banking their savings. Get to your local bank and start an account for your young one today.
When Should I Start a Savings Account for your Children?