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  1. #1
    Grandma broke her coccyx! Uncle Rico's Avatar
    Join Date
    May 8th, 2007
    North Carolina
    Child Savings Accounts?
    I am thinking about creating a savings account for each of our 3 children. They all seem to get money from family members frequently and I am thinking a savings account to put it in would be nice.

    Of course, I would want a savings account that has a very low minimum amount to start and no monthly fees. It would also be nice if deposits to the accounts could be made online somehow.

    Do you have anything like this setup for your kids?

  2. #2
    OPM Queen Kristin Kinsey's Avatar
    Join Date
    January 4th, 2006
    Rolling Hills of Ohio
    We do! Our bank has a special account for kids. They give them this little book and once the get $5 in quaters, they can open the account. I think there is a $25 minimum, but he took in his book, and his cow bank and he had $55 to open! LOL, he's two (almost three) and everytime he finds money, he puts it in his cow bank. He's been earning a little bit of interest on it too

    I think a lot of banks have these special types of programs. All the ones I can think of around here do. Good Luck!

  3. #3
    Grandma broke her coccyx! Uncle Rico's Avatar
    Join Date
    May 8th, 2007
    North Carolina
    I guess I will need to ask Bank of America about this.

  4. #4
    Affiliate Manager Howard Gottlieb's Avatar
    Join Date
    December 30th, 2006
    Mansfield, Texas
    We have accounts at BofA for our kids. Also at Fidelity.

    Make sure at BofA that they do not charge bank service charges for the small account. They told us they wouldn't and then did a couple months before reversing the fees when we caught it.

    Savings accounts are good learning tools for kids.
    I would rather live my life as if there is a God and die
    to find out there isn't, than live my life as if there
    isn't and die to find out there is.

  5. #5
    ABW Ambassador ladidah's Avatar
    Join Date
    October 14th, 2007
    We have them for our kids too.

    They get money from relatives for birthdays, etc. and from us for reading books. If they want to earn extra they can do extra chores. I used to pay for regular chores but not anymore. Although we have slacked in the latter. My daughter used to hate to read but now she loves it. They have also learned to save and the value of money. Plus I have a clean house We put the money into savings but that earns measily so I need to find a place with higher interest.

    Any money they earn/get goes towards:

    10% of their income is used for charity. They take money out of this pool for church, donations, etc.
    40% goes into the spending pool if they need money to buy "extravagant" things
    50% goes to savings

  6. #6
    ABW Ambassador beachcom's Avatar
    Join Date
    May 11th, 2006
    Myrtle Beach SC
    If you're a member of a credit union they usually have real good kid start up savings accounts. No fees to speak of usually, not much in the way of interest rate, but it's better than nothing. We started one for our daughter when she was a tot and by the time she was a teen she had a nice little sum. She always got a kick out of standing in the teller line to deposit her money.

  7. #7
    CPA Network Rep Dina - MarketLeverage Blogger's Avatar
    Join Date
    November 20th, 2007
    Lake Mary, FL
    A friend of mine deposits $40.00 in to her daughters savings account with every paycheck. She does it online with SunTrust. She transfers the money from her checking to her daughters savings account. I think her daughter may have more money in her savings account than I do and she is only 4! HA
    [B][SIZE=3][COLOR=Blue]Dina Riccobono[/COLOR][/SIZE][/B]
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  8. #8
    Tax Paying Member
    Join Date
    November 14th, 2005
    Chapel Hill, NC
    My first choice...........this is just my opinion.........

    State Employees Credit Union......(If you have access)
    BB & T
    First Citizens
    You must climb this mountain. There is no elevator. ---- Don't stick your finger in the liquid nitrogen.
    Carolina China

  9. #9
    Moderator MichaelColey's Avatar
    Join Date
    January 18th, 2005
    Mansfield, TX
    Most banks will let you open special accounts for minors with no fees and low (or no) minimums, especially if you have an account there as well. Just call your bank.

  10. #10

    Join Date
    June 7th, 2006
    I have our kids savings at both USAA and BOA. I prefer USAA because I also got them debit cards that I can put their allowances on as well.

  11. #11
    CPA Network Rep Joe Lilly's Avatar
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    April 25th, 2006
    Vegas, Baby!
    This may also interest you.

    Note: I am in no way affiliated with this company.
    Joseph Lilly
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