Do your kids have savings accounts?

Doozer · **Do your kids have savings accounts?**

Our's do. They get a yearly deposit on their birthdays from us and our parents

mamaof3kiddies · 11-10-2007, 07:22 AM

Yes they have a savings account and we deposit any bday or xmas money they receive. Our bank also has these programs where the kids can earn $$ throughout the year (like a book reading program during the summer months and good grades) -- so when that comes it automatically goes into their savings account.

brensmom · 11-10-2007, 07:33 AM

our do as well. any money they get they have to save half same with the loose change once its counted 1/2 goes into the acct 1/2 is theres to spend but my boys usually save theres at home to in their tootsie roll banks.

Oregano · 11-10-2007, 07:59 AM

Yes...they also have some investments in their names. My mother did the same thing for us growing up and when we graduated from college she gave us our 'nestegg' to start off with and it was great! We decided to do the same thing for our kids.

searching4 · 11-10-2007, 09:00 AM

No they don't.

AyeOhKay · 11-10-2007, 09:13 AM

My kids all have accounts. We put their gift money in it (unless we decide on something different to do with it). And, part of their weekly commission (allowance) goes in it. I'm hoping it fosters a habit of saving!

maassl · 11-10-2007, 09:47 AM

Our kids have them. Their gift money goes in there since they don't really use it for anything yet. We were putting money in it every month for them but can't afford to do so now.

aliadam · 11-10-2007, 11:35 AM

Each of my children have an account in their name with some money invested which they do not have access to. My dd had a job the last two summers, so also has a debit checking acct (that I'm principal on) and 2 CD's she bought with her summer earnings. Both CD's mature right before she starts college next fall.

Tressa · 11-10-2007, 11:39 AM

Yes, but we are the only ones that put money in it. We save for their braces and other large child expenses that come up.

SAHMto3boys · 11-10-2007, 01:52 PM

I've been thinking of doing this for a while now and was wondering what kind of accounts to get them! For now we'll be depositing birthday money & gifts, etc. But also want them to deposit a portion of their allowance as soon as we start doing that! Then of course once they get jobs when they're older I want them to be able to deposit money in, but not necessarily take any out! I'll probably have them budget exactly what they want to do with their money and then once it's deposited in they can't take it out (i guess). So what kind of accounts should I be getting for them? Should I make myself an authorized user or do they have special accounts for kids???

Quote:

Originally Posted by mamaof3kiddies

Our bank also has these programs where the kids can earn $$ throughout the year (like a book reading program during the summer months and good grades) -- so when that comes it automatically goes into their savings account.

Wow, that sounds cool... what bank do you use???