I would like to open a bank account for my six year old son. We already have a 529 that we already contribute to regularly. I am thinking more of a savings account where he can put his birthday money, tooth fairy money, etc. Some requirements that I have thought of:
unlimited withdrawls/deposits
low minumum balance
no fees
It would great if there were physical branches (as opposed to on-line only) so we can actually go to the bank for deposits/withdrawls.
Any ideas, wise mamas?
I would try a credit union. My credit union, Elevations, has a special savings program for kids, where they get little zipper bags to keep their money in, and incentives (little treats) for saving.
A.,
that is a wonderful idea, I have a saving account for my son's at Vectra Bank. It cost $5 to open them each. My 8 year old likes it but my 4 year old really doesn't care. When my 8 year old get his allowance it is easy because my checking account is with the same bank so i can transfer money, and also go to the branch and withdrawl it. We have no fees savings fee with vectra bank.
sorry, a little late for this but I would recommend KeyBank. They have a DinoSaver account (the kids get a dinosaur when they sign up) call my friend anne Hammond and she can tell you how to get starte ###-###-####.
my son loved it because she sat down and talked w/him about savings means and trying to keep money in his account. It's a great time to start teaching them at age 6.
before you do anything look into the differences between banks and credit unions.
When my kids were little, we opened accounts for them at the credit union where we had our own accounts (Boulder Municipal Employees). I think some credit unions now allow anyone to join. The people there were so friendly, and it was free with a minimum balance of $5 or something.
We did this for our son as well.
Bellco is great! They offer a youth savings account with a 5% interest rate. (that's right, 5%) If the balance goes over 5% the interest rate lowers. So, what we do is put money in the youth account and every year at his birthday we roll the money into a 12 mo CD. Throughout the next year we contribute to the savings again and then roll the money from the CD and the savings money into another CD. Works great!
Most banks have youth accounts that fit your desires. I've recently been looking at the youth account offered by Bellco Credit Union for my children. https://www.bellco.org/youth.asp
I'd say pretty much any bank. We have something similar for our son at Wells Fargo.
I have accounts for both of my girls through Washington Mutual. They are custodial accounts, so there has to be a parent or guardian's name on the account too. It was free to open and there are unlimited withdrawls/deposits and no minimum balance. They can maintain this account until they are 18.
The very best bank for kids is Young American Bank in Cherry Creek. They only do accounts for kids up to age 22. They specialize in teaching kids about money and finances. wonderful programs.
1st Bank has been great for my family, including two little ones.
Hi A.,
we bank with Chase. They have kidaccounts where there isn't a minimum balance requirement, no fees, physical bank to go into...meets all of your requirements. The only thing that you need to be aware of with any bank...keep an eye on them. With my youngest's account, they made a mistake when we opened it...it was opened as a regular account, so fees were being taken out. I fixed it though and all is well!
A.
I have savings accounts for my four children at Wells fargo, they have a program where you can put money in a savings for your child and earn points for each deposit you make. Then you can use the points for different childrens products. And you can go to your local branch to set it up.
A.,
Look at Firstbank. I have been with them for over 20 years and have always had great service. They have some inovative savings accounts, like the time savings accounts. My son is using this for his money that he is saving for his year away as a foriegn exchange student. You receive a bit of a better interest rate, you add to the money when you want but it can not be withdrawn until maturity. We use the 91 day account.
I think because of his age you might have to set up a fudicuary account. They will let you know.
Good idea to teach him young. There are some great piggy banks out there too. That are sectioned off one for tithing, one for saving, and a section for spending.
Take care
J.
I just opened an acount for granddaughter at WellsFargo you do not have to go on line to do depoists or withdrawls I hope this helped Also all you need is twenty five dollars to open a childs savings
