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Do your children have a bank account and if so when did you start it?

We have already started a college fund for our 3 month old dd. But we are having her dedication at church in a few weeks and expect that she may receive money from some family members. I'm thinking about opening a passport account. Has anybody else done this and at what age did you do it?

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Anonymous

Asked by Anonymous at 3:52 PM on Apr. 27, 2010 in General Parenting

Answers (8)
  • Both my kids (ages 1 and 3) have their own youth savings. $10 a month goes into it automatically and we made a pact to put $100 in for each birthday. I think it's a great idea to start saving early ;)
    Ctink8189

    Answer by Ctink8189 at 3:55 PM on Apr. 27, 2010

  • Yes they both having savings accounts. They have had it since they were born. They are now 2 and 4. We are teaching our 4 year old about money/saving/banking. We let him go to the bank with us and deposit his weekly allowance into his bank account.

    laciD

    Answer by laciD at 4:02 PM on Apr. 27, 2010

  • All of my kids have their own savings accounts and they're 1, 2 & 4. I think it's important for them to learn to save money while young.
    baconbits

    Answer by baconbits at 4:05 PM on Apr. 27, 2010

  • Yes all 4 of them do. 7yr=$30 6yr=$27 4yr=15 DD=$70 <~~~~ DD's is so much because my boy, including dh, decided to give thier change to her. So her $$ is the accumilation of ALOT of change,
    4xsthetrouble

    Answer by 4xsthetrouble at 4:05 PM on Apr. 27, 2010

  • Yes, they both have savings accounts. We opened them after their Christenings, when they received savings bonds, and about $2500 each total from family and close friends. Whenever family gives them say $10 for their birthdays, I put it into their accounts. (we also have a safe deposit box at our bank that contains savings bonds and stock certificates, along with our "paper" valuables that we don't need to keep on us.

    At the age of 8 and 6 they have accumulated about $5000 each, and (courtesy of my mother, since I'm an only child, and my children are her only grandchildren), they each have trust funds they will receive upon turning 30 years old (the value of my mother's estate).
    LoriKeet

    Answer by LoriKeet at 4:09 PM on Apr. 27, 2010

  • We opened an investment account when she was about a month old.

    At 12 we opened a combination savings and checking (debit card) account; half of all her earning go to each.
    rkoloms

    Answer by rkoloms at 4:37 PM on Apr. 27, 2010

  • My son has one. We opened it since he was a little less than a year old.
    crysjuls

    Answer by crysjuls at 6:45 PM on Apr. 27, 2010

  • Just to throw this out there.......As your child has birthdays and other events, when people ask you what to giver her, just say a savings bond or something would be great as the child has pleanty of clothes/toys/ect.

    This may not work well with everyone, but close family should be ok with it.

    Thats what we do with our so so that when he gets older and wants a car/college money/ ect, then it will be available to him.
    lstrickland

    Answer by lstrickland at 11:23 PM on Apr. 27, 2010

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