Opening Children’s Bank Account

Every parent wants to make sure that their children are well taken care of. This means that they have a solid roof over their heads, food to eat, and money that will allow them to attend college. In life we have to teach our children many lessons so that when they turn 18 they can go out into the world with the knowledge of what they have to do to accomplish their life goals.

One of the hardest lessons to learn is money management. Most young adults don’t know that when you get your paycheck you need to pay bills rather than new clothes. It helps to teach them at a young age how to save money by opening up a bank account for them at a young age.

There are many banks that will allow you to open up a savings account for children around the age of 12. Nowadays many branches might have special programs for children that offer incentives. Visit your bank and sit down with a manager to discuss all the details. Set up an appointment with them to open the account.

Sit down with your child and explain to them the importance of money. Tell them how it has to be earned and the different things that it pays for. Explain to them that they will eventually have to pay for certain things on their own and that they need to save money for the future.

Bring your child with you to the bank to set up the account. Allow the bank associate to speak with your child and explain to them what they are doing. The more involved they are the more excited they will be at being able to use it. The child’s name should be on the account and all mail will be addressed to them. Make sure that you are also on the account and can access it at anytime.

Make sure that you explain what the bank statements are as they come in the mail. They need to understand all of the terms and how the account can build interest over time.