Bank Accounts for Kids

BofA will eat you alive with fees all over the place. I'd go with a credit union if you have one available. For an adult savings account, the minimum for me was $25.

All my best,
D.

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Our kids have accounts at our credit union. It's free, and they get a small amount of interest in the account monthly.

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In my experience you are almost always better off at a credit union. Lower minimum balances, or none at all, and they often have great savings programs for kids. Our local credit union has an account for kids or parents to save for college. You can only deposit up to $1000 dollars, but it earns 10% interest. Check out what credit unions in your area offer.

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We use our local credit uinion...the best interest rates for smaller balance accounts.

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We do all of our banking through USAA.

I am currently banking with Wells Fargo. My daughter's account has no minimum balance, no fees, and only required a 3 dollar deposit to get started.

My boys are both with USAA, and we are very happy with them.

My daughter has a savings account with Wachovia. I don't remember the minimum balance. There are no fees. The interest is minimal, the same as my account.

Your best bet is a credit union. I found out at school orientation, since the kids were part of the school district, they qualified to open accounts with the "Teachers Credit Union" in our city.

Yes my kids have had a bank account since their 1st Birthday...They use to recieive $20.00 a paycheck when hubby had a great job before it went under.If not they have piggy banks where they aren't allowed into it unless it is one that they are saving something for (they have several banks)saving $$$ is an important lesson we are teaching our children.Anyway we have CoreFirst Bank formerly Commerece Bank there are no fees & I think $5.00 to open an account

My parents started a bank account for all 4 of there grandkids. they do herritage bank and at our schools the kids on certain days they do bank day and the kids can make a deposit in there account from there elementary school. But there isnt any certain amount you have to have in there. ANd on there birthdays and christmas and other times there grandparents will make deposits in there account and when there piggy banks get full they go make there deposit...

I agree with finding a credit union, they are usually the best. Here is a link so you can find out where you are eligible for membership and then you can research them from there.

http://www.findacreditunion.com/

We have a circle account at Citizens bank. Within that "circle" we have our checking, savings, a savings account for each child and our home equity line of credit. Because the kids accounts are part of our "circle" there was no minimal amount needed to start the account.

We used a local bank growing up... We had "peewee penguin" accounts that were specifically for kids. It only needed to have $15 to keep open. We got a little record book so we could keep track of how much we had, every month we got a letter from the bank that had some random kid's games (crossword, color picture, etc) that were bank-oriented (along with a kid-friendly bank statement). Every time we made a deposit we would get a sticker and treat of some kind from the bank. It was great! unfortunately, that bank is in Idaho... so I won't be able to use it for my DD when she is old enough. Maybe check with local banks?

im about to get my daughter one, its only a savings, its free and there is no minimum amount, it will be in my name but she gets to have her money making money and look at it online. I bank with chase.

Use a local bank... that way, you can go with your child to the bank, they will learn about visiting the bank and how to process things.
that is part of their learning too... and also about saving money.

Try other Banks.

But since this is for a child, it will probably be a custodial account.

TD bank gives the kids 10 when you start with 10 dollars... we stared it there and once they got to 200 we opened a GE savings acct.. you do it online... you get more interest from GE... but you have to have a minimum... TD pays like one penny interest... not very good.. but getting that 10 dollars is a good thing.

My daughter has a BOA account. We use BOA because that is where our business accounts and personal accounts are located.

We don't pay any fees.

We use the bank through my husband's work. It's a credit union bank and both my kids have an account.