Any recommendations on a Bank which has a good savings program for a child? When I was little the local Bank came to our school every 2 weeks and took deposits. We had special Bank Books for this purpose that had a special cover. I'm sure nothing as detailed is available these days but still looking for something kid friendly. Thanks!
Added: I asked my bank and they told me they just have checking accounts for high school age, that's why I'm asking as it made me think not ALL banks do this since mine (Chase which is pretty big) says they don't. Thanks!
Hi Melissa, This is what I suspected BUT I was told that 3 times by 3 different tellers so gave up.
We just got back from opening an account at Uncle Credit Union. Thanks for the suggestion of checking out a Credit Union. They made it fun and even thought interest is miniscule there is no charge for this account. Take care all!
Call a few local banks. Many still have "passbook" savings accounts, especially good for kids. Very little interest (almost none!).
If it's for a large amount of money, as in saving for college, you might want to look into a 529 Plan.
Check with your local credit union. We started savings accounts for our twins a few months ago (they are 1) The credit union has no fees and the only stipulation was that the account has to have $50 or more at all times,& since the kids are minors my name is on both of their accounts - and we got a much better intrest rate than any of the corprate banks.
ALL banks, have kid saving account programs.
Each bank, will differ.
Thus you need to go to your local bank, and inquire about it.
The child is a minor, so they cannot have a debit card or anything.
You have to sign off on their account, too.
Just ask your bank.
And get one with NO monthly fees.
My girls are 20months and 8 months and I just opened them both savings accounts with Wells Fargo. No minimum amount required, no yearly fees. The account is for so and so a minor child by so and so. My name is on the account and until they reach a certain age, they can't even make withdraws without me there!
I agree with the credit Union Suggestion.. They are really great about helping young children as customers (members)..
Most banks have a no fee child's plan (no minimum balance). However, I just opened my 6 year old's first account and to demonstrate the value of interest rates, I gave to $100 to start so she could get a higer rate (a whopping .01 % more I think, haha). It isn't a bad idea for them to understand that there are rules and consequences for managing money.
If your family is realy computer saavy you could use e-trade too, and you could easily teach him to buy some penny stocks.
I think credit unions are much better at that sort of thing. I'd look into finding a local credit union. Good luck!
My sister opened a savings account at a local community bank when my nephew was born 10 years ago, her name has to be on the account, and I did the same with my little guy who's a little over 2. Interest is practically nothing, but if your purpose it to teach how money grows it will work. Just keep contacting banks and ask what they recommend for a child's savings account.
We've had a regular saving account set up for daughter since she was born. It is in her name and I am custoridan of it.
This is NOT her major savings, college account, etc. It is just a little account we set up. When we empty and roll money from the ice cream jar (loose change) , receive gifts of $ (my dad is notorius for sending me $ for bday and christmas) or any other "found $" we put it in her account.
For instance, she is currently "paying us back" for an error she made and the money she is "paying back", LOL, is actually going to her little savings account.
This account is at Bank of America.
I guess I am a little to late but we have a free account for both our kids with ING. We LOVE ING!! The interest is one of the better ones for this economy plus they are super easy to work with.
The person you talked to at Chase was not well informed. Both my children (4 and 6) have savings accounts there. I am the custodian and they do not have a minimum balance or fees.
