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Children's Savings Accounts

By: William Blake

If your son or daughter's piggy bank is nearly overflowing, it may be time to consider opening up a bank account for them. An account helps teach children how to keep track of money easier. There are a few different types of savings accounts that you should consider for your child.

A savings account can be started as soon as a child has money to put in one. Choose a day when you both have some free time and make a trip to your local branch of the bank. Talk to a teller or bank associate about starting an account for your child.

You and your child can open a statement savings account. This account gives both of you a monthly report of all account activity. It includes all of the deposits that your child has made into the account and all of the money that they have taken out of the account.

You should look over each statement carefully with your child, and explain all aspects of it to them. Show them the amount they started with, interest they accrued, the final amount, and any other activity. If your statement shows the withdrawals without the description, you can write the details on the statement to help the child track how they are spending their money.

There are also passbook savings accounts. I actually had one of these when I was in college. Each account holder is given a small book. Each time a deposit is made or a withdrawal is requested, the book is run through a machine that records the transaction on the pages of the passbook. This way, your child finds out his or her new balance right away instead of waiting for a statement at the end of the month. Some kids like that because they can look at their money as often as they want.

Aside from bank accounts, you can also go to a credit union to get a savings account. They offer accounts for children of their members, which are designed for children of different ages. When they get an account, they may also get an ATM card (with or without their photo on it) and other gifts for starting an account.

This ATM or debit card, can be used like cash by your child when they wish to buy something. Parents should keep the purchase receipts and teach children how to verify them against a statement each month. They should also be taught to deposit a percentage of their allowance.

For children under eighteen, some states will offer what is called a "custodial savings account". This type of account states the parent's name as the account holder, with child's name under it. When the child turns eighteen, ownership of the account can then be transferred to the child (now young adult).

Children can keep track of their money much easier with the use of ATM/debit cards. You should greatly consider opening a savings account for your child, as they are a great tool for teaching them how to save and track and manage their money.

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