Hi! I'm just doing a survey on how many of you here have opened a bank account for their kids? I am considering opening a bank account for my baby but as of now I can't find time or the money to put on it as my income is enough for our daily needs. It will be a great gift for my child as it will be only for his own future. I'm hoping I can do this as soon as possible.
I think that, if you're going to open up a bank account for your child, you'll want to do so in such a way that it won't affect his/her application for financial aid should he/she decide to go to college.
I do not have a child but I really think this is a great idea. My parents made sure that I had my own bank account and understood what it meant. I would take trips to deposit my money (whether it was an allowance or holiday gifts, etc.) and take trips to withdraw money when I wanted to spend it on something. This taught me great responsibility - and now, at 23, I am 100% financially independent from my parents. I think that if you do not have the resources to begin a bank account now for your baby, you definitely should consider it at a later age, when your child understands the concept of money, working for money, and spending money.
I have had my parents open a bank account for me. They also opened one for my sister. When I was sixteen, I had a bank account because I worked a part time job. My sister did the same thing.
Opening a savings account is a good idea. Most places will let you open an account with as low as $20 or $50, and then you can just toss 5 bucks here or there into it if you're already strapped for cash. You won't start saving anything, though, if you don't get the account opened and going.
This is good advice! I think that you should just open a free account somewhere, for very little money. Then, it's always there - and when you do have an income that can support funding this account, you won't think, "Ugh, I really don't feel like taking the time to open an account. It will take too long, it will not be worth it, etc." because it's already there waiting for you!
My parents open a bank account for me when I was a kid. It was a savings account. I had a passbook and everything. I would definitely open one for my kids to teach them to saving. Learning good habits as a kid will stay with you as an adult.
I already have. My three kids have their own bank accounts. As my mom once told me, each little saving every month will turn up big in the long run. I do try to be strict with their accounts. Deposits only. No withdrawals...period.
I did not have a bank account until I was 16 years old. When I got my first real paycheck, my mother took me to the bank to get an account set-up. I think having one as a child would have been neat, but not something I needed. I didn't end up going to college, so any money saved would've just gone to random other things. I may consider starting one for my children, just in case they decide to go to school. I might not be able to hold much back for them, but it's better than nothing.
My 10 year old has two accounts. One for college/home savings, where he puts 20% of what he earns. He's had this one for a while, and when he was younger he got to deposit household change that we collect in jars and he rolls; and one bank account connected to his Visa debit card that he can spend or save if he likes. He's currently using this account to save up the money he makes from his paper route and odd jobs for a laptop for himself.
That's actually a good idea, to open a bank account for your kids, it helps them save money and use it if they need it. I need to look into that myself for mine, I don't know how it works just yet some say I just need 50 to get it started. Thanks for the post!
I have a 16 year old and a 9 year old. I opened a bank account for my 16 year old and am currently helping him learn the ropes when it comes to saving and setting aside money for different needs as well as wants. For my 9 year old he has a coin bank at home with a lock and that's what were using for now when it comes to lessons for saving money. We'll upgrade to a bank account on his 12th birthday.
Wow! You are honestly a GREAT parent for having your child start so early. This is a great way to give a child the financial responsibility that so many people, including adults, lack. By the age of ten, your son already understands the concept of saving for a long term goal and has a steady stream of money going into that fund. And he already knows what it's like to put money away on things that he wants. You gave him a Visa debit card, which helps him get used to the fact that he's swiping a card - but he's still expected to keep track of how much is in his account. This is honestly a great move as a parent. I will definitely do this when I have a child.
I had a bank account at an early age when I was a kid. My nan and grandad would pay money into the account to invest in my future. I do the same with my son, he is six-years old. We opened a savings account for him on his 1st birthday.
I have three kids, two sons and one daughter, and I have created a saving account for each one of them. I don't deposit a lot but I believe it would be a great gift by the age of 20 or about.
Great! I love that you are doing what you should do, that is, being a responsible parent. I have a suggestion to make, because I believe that you should start your baby's savings account right away without delay! Since you do not have enough money to start the account, why not ask, ask for a donation from people you can trust, for example, ask the child's god parents, grand parents, or uncles/ aunts. I'm sure you'll get a positive answer from them all! all the best, and may the best be all!
