6 answers

Do Any Banks Have Passbook Savings Accounts for Kids?

Living in West Fort Worth. I remember these when I was a kid. Are they still around?

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Yes - every bank I've ever been to still has these. We have our kids' accounts set up at the local bank. We just did them there because it made sense but now I really am glad that we did that and didn't go with the bank where my husband and I have our accounts because now that our oldest are in high school and earn money baby-sitting, they can now walk/bike to the bank and make their own deposits. Just something to consider for where you choose to put their money.

3 moms found this helpful

My DD has had a "young savers" account since she was an infant. It needs to be connected to my account, but she can take her piggy bank there an put in funds, or we can put some money in there for her ourselves. Ask your bank what they have.

2 moms found this helpful

We have had a simple savings account for our daughter since she was born and it is linked to our accounts and none of the accounts have fees. The interest is very minimal.

I've always put money that she or I receive as gifts, the ice cream jar money that we roll about every 6 months which adds up, etc into it for her as she has grown up. Her monthly paycheck goes into it now. She will be quite surprised when she realizes she has this when she graduates from HS in May.

1 mom found this helpful

Check out credit unions, too! They have special accounts for kids at many!

1 mom found this helpful

Yes - still around. They pay nothing in interest, like maybe 1/2% these days (because all interest rates are down) but it's a nice thing for kids to learn to go to the bank with their extra money. My son always had to give part of his earned or gift money to charity and some to savings.

Most banks have accounts for kids that have no service fees - not sure if that's by bank or by state, but ask. No kid should be paying monthly fees for inactive accounts or those with a minimum balance.

1 mom found this helpful

Our local bank does!

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