Both sets of grandparents have set up savings accounts for both of my kids...so far they are the only grandchildren on each side. I think DH's uncle has also set up an account for each child too. They put in money for birthdays and Christmas. I have no idea how much...but every bit counts.

We have one savings acct where I put all the money that we get for the kids birthdays, Christmas, etc. Then we have a separate general savings account.

Eventually I would like to buy CD's or do other investments with the money we put into their savings account.

Sandra

Yes, they each have an account. Anytime they get money for birthdays, Christmas, chores, etc. they have to save at least 1/2-3/4 of it for their savings accounts. They sometimes moan and groan about it, but I keep telling them when they're adults, and have some of their money saved up, they'll thank us for making them save as much as they possibly could. I know when Brian was still living at home, as long as he lived with his parents, he was required to save at least 1/2 of his paycheck, after his bills were paid (all he had was a truck payment). When we got married, we were 23, and he had over $40k in his savings....luckily, we were able to live off of that, when he got laid off, and it helped get us through the really lean times, when he first started his business!! We want to do the same with our kids!

__________________
~*~ Angie~*~
Wife to Brian
SAHM to Sarah & Andy 2/11/2000

We use ING for their savings accounts, easy to transfer money, no fees and good rate. When the balance grows more I'll probably invest it better, but for now it works

__________________

I am only one, but I am one. I can not do everything, but I can do something. I must not fail to do the something that I can do. -Edward Hale

Our bank had a real good rate on a kids CD so we took the majority of the money they each had in their savings account and put it into a CD (they each have their own CD). That way they are earning a great interest.

__________________

Check out my weight loss journey ~ sparkpeople.com/mypage.asp?id=MAMAOF3KIDDIES

Yes my boys have a saving account. They put part of their allowance into the bank. Every week I take them to the bank. They fill out their deposit slips give it along with their money. My boys are 5 and 6 years old and they love going to the bank.

We started my daughter's savings account when she was 2 and a half months old. Right now we are just put our change in her piggy bank and then take that to the bank when it is full. We have also put some money from my mom and grandma that they gave her into it. She will be ten months old on the 2nd and has $169 and change. When she gets money for holidays it will go in there too until she knows what money is and then she will put half in and we will take her shopping with the rest.

We plan to do this with all of our children.