I'd like to open savings accounts for our 3, soon to be 4 kids. Wondering if anyone would share how much they put into an account for their kids a year, or monthly, and if anyone has a good guideline to share? I'm going to go with ING...
I guess it depends what your saving for. Right now I am putting in $100 a month in an RESP, because the government will add a portion to it each year. I checked it out at the bank and if the child doesn't go to college, you can roll it over into your own RRSP.
This won't be enough to pay for schooling when the time comes, but is a start.
I only have 1 DS at this point so the dollar amount may change in the future.
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We do not put a set amount in the bank accounts at all. We put any money they get for birthdays or holidays into their piggy banks at home and then about four times a year, we will take some out to let them spend and then deposit the rest in their savings accounts. We just gave each of the kids their own savings account at ING this past month. All but one of the kids had enough to get the $25 bonus for signing up. So, we gave him the extra he needed in order to get the bonus.
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Theresa
Mom of 3 boys and 1 girl
We're starting accounts for our kids w/our tax refund. My goal when #1 was born was to put $1/week away for his first 2 years, then $1 for each year of age/week from then on. He's 2 - so we'll try to put at least 208 - to have him covered until he's 3. I figure at 3 he may be ready to actually receive his allowance.
We'll put the same amount in for #2 (5 mos) if we can afford it - and then we'll know he's taken care of until 3 as well.
Once our cc's are paid off I'd like to make a contribution more regularly to their accounts, as well as encourage them to put aside part of their allowance (when they get one). I don't see us doing more than $50/month regularly tho - if our household savings gets high enough we can always transfer some $$ to the kids accounts.
Thanks for the replies so far... since we'll be doing this for 4 kids, we won't be able to do $100 each.. I wish! lol! But i'm hoping for $45/month per kid.. will have to budget crunch and see if that's feasable...
For ING.. that $25 bonus must just be for the U.S... here's it's only $13.. Oh well.. better than nothing isn't it!
We have ING accounts for each child, we try to put in $50 a month but some months we put less, some months more. We also put in any checks they get for holidays. (My dd also has a 529 account and they have the educational ira's that we put money in also)
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Right now since I'm working, we put $25 out of both our paychecks, so they get about $100 a month each. We put it in their savings accounts and then when it gets big enough to move to a CD, we do that. When I quit they will be down to $50 a month but they get their old mom too
I used to have an ING for my boys until I found out that HSBC is offering 6% until 4.31.07 and after that its 5.25%
Right now I put in their accounts whatever money is given to them. I haven't been able to add money to it cus money has been a little tight, but I plan to add may be $50 each a month and hopefully $100 so that by the time they're 18 or 21 they'll have about 22K plus all the birthday money and work money etc. They'll have more money than I ever had when I was 18.
But i'm hoping for $45/month per kid.. will have to budget crunch and see if that's feasable... 
Oh well.. better than nothing isn't it! 
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