Savings Account for Kids

Updated on August 30, 2011
S.J. asks from Cherryville, MO
17 answers

I am sure this has been asked before so I apologize if it is a repeat, but I wasn't able to find what I wanted in past questions....

What age were your kids when you opened a savings account for them? How much did they have before you opened one? Any other suggestions/tips? I am going to open accounts for our 6 and 7 year olds, just looking for a little advice!

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So What Happened?

The bank is probably going to be shocked that my kids accounts contain more money than mine. OK, I am exaggerating. A little.....
Guess I waited too long to do this! =)

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answers from Lakeland on

I opened an account for my daughter once her piggy bank was full (she was about a year old). We count out the coins once a year and put it in the bank along with birthday and holiday money.

3 moms found this helpful


answers from Dallas on

Gramma opened one for my child when she was 7. We told her whatever she had it when it came time to buy a car we would match it. So, she had extra incentive knwoing her money would be doubled. By the time she was 16, she had $2700! She's a frugal little chickadee

2 moms found this helpful

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answers from Dallas on

Our daughter has had one since she was born. She is 16 now.

Actually, she knows about it but no idea how much is in it. When we would receive $$ gifts for holidays and birthdays, instead of spending it on ourselves, we put it in her account. Now, when she "pays" us back for something (ex: her credit card which is paid in full each month by HER) we put the money in her savings. When we roll loose change, etc we put it in her account.

She babysits a lot and that is what she uses to pay us back and her spending money. She is an officer in our company and she does have a credit card with limited funds and she is responsible for paying it off monthly. She learns the value of delayed gratification and staying debt free.

Good for you for doing this. We went through our BOA contacts because most of our accounts are there.

4 moms found this helpful


answers from Washington DC on

Make sure you get a free interest bearing account. You won't make much $$ in interest, but it beats leaving it in the piggy bank.
My children were not even 1 when I opened their first savings accounts. :-)

3 moms found this helpful


answers from Los Angeles on

If you really want to start your kids being interested in saving and investing, don't do a bank account.

Open a stock account and buy him a share or two in something he really likes, like McDonalds. You can then tell him that his stock means he owns a little bit of every McDonalds Restaurant. McDonalds pays a 2.7% dividend as of COB today which is more than your child can get from any bank. If you want some suggestions, e-mail me or talk to your broker.

Good luck to you and yours

2 moms found this helpful


answers from St. Louis on

We started an account for each child right after they were born. We put all of their money into the saving account. When they are little they don't realize it and then once they get bigger they have to really want something before we go take money out of the bank. So far I have put all of the holiday/birthday/baby shower money into the accounts.

2 moms found this helpful


answers from Albuquerque on

My 1yr old twins have saving accounts at the credit union where I bank. The credit union required $50 to open the accounts.

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answers from Detroit on

My daughter was 6 months. The account required $150 to start.

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answers from Washington DC on

My DD has had one since she was an infant. We live near a research center and she got $20 for picking up blocks on camera. I used that $20 to start it. It's linked to mine and periodically DH or I add more to it, and anytime a family member gives her some money we put it in there. She also has a piggy bank and when it's full we'll take it in and basically coin star it right into her account.

2 moms found this helpful


answers from Dallas on

Hi, I'm a mother to an 8 year old. I've been meaning to do this since he was born but for some reason or another, have yet to do so. I really like the buying stock idea. Sounds like it may accrue interest faster than an account. Not sure whom to talk to about that though. I keep his birthday money or misc funds in an imaginary "savings" account. He'll get some money from grandpa and say, "M., put this in my savings account." He was able to buy himself the DJ Hero game for $70 with that but since he didn't see the money he didn't realize that meant savings goes down. He's a visual learner! In my husbands family, rather than a savings account, it's tradition to buy a car for the kids once they are old enough to drive, nothing fancy, usually something classic. I figure I can take some of my savings and put it toward that for him but it would still be nice to have a lil something for him put away. Thanks for this reminder, I'll have to check out my local BOA.

1 mom found this helpful


answers from Milwaukee on

Our four year old is worth more than me too!

I started his account when he was ONE and we put gift money in there, deposit some right from our checking to his savings and he collects all our change and puts it in my old Winnie the Pooh bank.

He has no idea what money is yet but he sure likes counting his coins as they go into the bank.

1 mom found this helpful


answers from Toledo on

We opened savings accounts as soon as they were born. We have a set amount from each paycheck auto deposited into their accounts. They also have some savings bonds given to them as gifts. They now have more then we do in our own savings! LOL but they dont spend and have bills like we do either, so it is allowed ;-)

1 mom found this helpful


answers from Sacramento on

My kids both have Uniformed Gift to Minors Accounts that we opened the day they got their social security numbers. They cannot access this account without our permission until age 25. We set the age, it was the oldest we could go.

My kids also have a college savings account 529. This is were the majority of any money from gifts go. We also have a set amount going into this account each month from our checking account. We have no intention of paying for their college education in full, we just don't want them to have to struggle.

1 mom found this helpful


answers from Fargo on

We opened savings accounts at birth and started investments at age 3.

I love our bank. It's a Minnesota owned branch and has a great program for kids. I can't remember what amount our kids started with.

Have fun!

1 mom found this helpful


answers from St. Louis on

It is a great idea to save or invest for your children,(the earlier, the better);however, a bank saving account is not the best idea. Ask someone who really understands about finances, a broker,an investor or someone else. If you open a saving account for your children,just do not open it on their name,but do not spend their money (lol).

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answers from Honolulu on

Just get an account already.
They are way old enough.
My kids had accounts when younger than that.

Get accounts that have NO monthly fees, and no minimums.
And interest bearing.



answers from Los Angeles on

I started one for my 2 yr old.
Why not?
I put in birthday money, all my extra change, a set amount each
month gets put into his acct etc.

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