Starting A Savings Account For Kids

[Endalia]

I have thought about this for quite some time but just never followed through on it. I want to start a savings account for each child and let the kids start adding to it. I would be the co-owner of the account so they couldn't take anything out without my permission. We have collected money for them all along, but put it into a savings account aside from the household account. We will use to this money to start the accounts. I want to teach the kids to save part of all of the money they are given or earn, in a savings account so they won't have to go through everything I did trying to learn how to manage money. I think if I do this now, while they are still young, they may have a chance at learning something I didn't.

 

[Lorenzo]

That's a great idea, Endalia! My wife and I are thinking of opening a savings account for each of our five kids, too. They have their own "piggy banks" so we're thinking of transferring their money to a real bank soon. Right now, we are still deciding on a particular bank.

 

[Victor]

We have bank accounts for the kids but they are too young to understand or contribute to them on their own. I'm not yet sure how much access we will let them have when they get older. Perhaps we will open a secondary account that they will be able to use.

 

[CHenne]

Good plan! Each of my children has a savings account. When they turn 18 - they can turn it over into a checking account if they so wish. I think all parents should start accounts as soon as their kids are born.