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When did you open a bank account for your kids?

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When did you open a bank account for your kids?

Postby 2plus2 on Sat Feb 01, 2014 7:56 am

We've delayed opening accounts of our kid's. Not sure why though. We have set up an RESP for each of them. They have "piggy banks" but have not deposited into the bank. I am think of taking setting up an account for both kids, aged 18 month and 4, and having the 4 year old load the coin sorter and deposit the money as a start.

Our 4 year old understands that we have to go to work to earn money to pay for things like food, clothes, toys... Where do we go from here in teaching our children about financial literacy?
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Re: When did you open a bank account for your kids?

Postby StitchedUp on Sat Feb 01, 2014 9:24 am

My bank account dates from when I was eleven and started earning babysitting money. We have RESPs and bonds for our children, and they'll get bank accounts when they are earning money to deposit and save.
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Re: When did you open a bank account for your kids?

Postby Benjorsam on Sat Feb 01, 2014 9:51 am

We opened up accouts for the kids when they were babies. Everytime they get Christmas or birthday money, half goes in the bank and they get to spend the other half. They don't have a lot in there but when they start earning their own money they can start depositing their earnings to increase their balance.




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Re: When did you open a bank account for your kids?

Postby lovetheisland on Sat Feb 01, 2014 12:45 pm

We haven't opened bank accounts for our kids yet. We do have RESPs but they don't have bank accounts. I guess, for me, I don't really think a bank account would effectively teach little kids about money since it is so out of sight, out of mind. I think a piggy bank, where they can actually see and touch the money is a better way to teach kids about money when they are really young. We have had these piggy banks since my kids were quite young. Http://www.msgen.com/assembled/money_sa ... u1c7H-9KSM They have a seperate section for donating, investing, savings and spending. I LOVE them. We started to give my son allowance at 5 yrs old, not so much as an incentive for doing chores but more for him to begin to understand money. He divides his allowance up amongst the 4 sections of his piggy bank. At 8 yrs old, my son really understands the benefits of saving and can physically see what he has in his spending "account". Plus, everytime the school sends home a note to donate money for something or if he talks about wanting to help out a cause of some kind, he can feel good about donating his own money.
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Re: When did you open a bank account for your kids?

Postby ItsKim on Sat Feb 01, 2014 8:07 pm

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Re: When did you open a bank account for your kids?

Postby Sunnygirl on Sun Feb 02, 2014 9:13 am

Mine have had accounts since babies. Birthday and Christmas money though I feel is their gift and up to them to spend as they please. Very often it doesn't get spent and gets added to the piggy bank to eventually head to the bank. Allowance rarely ever gets spent. Now that ds is 11 though he is finally choosing to spend his money as he has started upgrading/buying electronic games now.
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Re: When did you open a bank account for your kids?

Postby kapoohhh on Fri Feb 07, 2014 7:41 pm

Since they were babies...birthday and such goes in.
They have dipped into it.
resp since they were babies as well.
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Re: When did you open a bank account for your kids?

Postby beany on Mon Feb 17, 2014 7:50 pm

Since they were 5 or 6.
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Re: When did you open a bank account for your kids?

Postby Sunnygirl on Thu Feb 20, 2014 10:18 pm

Be careful though - some of the bigger banks (eg TD) don't have kids accounts and actually deduct money..... CCSCU has a savings account with no fees and a little bit of interest.
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Re: When did you open a bank account for your kids?

Postby T on Wed Mar 19, 2014 8:26 pm

We opened DS's account just after his 3rd birthday. He had too many $20 bills in his piggy bank and it was full of loose coins (we dump all our nickels and dimes in there for him).

We opened his at TD and I asked about fees as I wasn't opening one for him that would be taking his money out of his account. There are no fees on his account at TD.
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Re: When did you open a bank account for your kids?

Postby OlderDad on Wed Jun 04, 2014 5:26 pm

I bank at TD and my kids (10 and 12) both have two free youth accounts.
The first ones I set up when they were quite young for major gifts, college savings etc. The second set are for their own use to keep pocket money or birthday gifts in, now they are old enough to understand.
At 12 TD allows kids to have a free debit card too which we just did for our older child and is making her feel very grown up and responsible..
The poster who says TD charge kids is mistaken in my experience, unless he is asking for more than basic services. As long as the debit card is only used in stores or at TD machines there is no per transaction fee either.
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Re: When did you open a bank account for your kids?

Postby Sunnygirl on Fri Jun 06, 2014 9:02 pm

TD deducted $20 out of my kid's account. Possibly because the account hadn't been used for a while? They reversed it, but I was choked.

CCSCU will deduct a tiny amount for inactive accounts, but they at least send a warning letter first and you can let them know at that point it isn't inactive.
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Re: When did you open a bank account for your kids?

Postby Sunnygirl on Fri Jun 06, 2014 9:04 pm

TD never paid even a penny interest and it was set up as a kid's account. How much interest do your kids make at TD? I'm rather curious if they set up his account wrong.
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Re: When did you open a bank account for your kids?

Postby 2plus2 on Sat Sep 27, 2014 6:00 am

Thank you for this post!! This is something I struggle with. I love the idea of those piggy banks so they can see the division of money. We have RESP's for our boys but not their own accounts as I am concerned with the "out of sight, out of mind" where they won't grasp things as well. But, I think it's important for them to learn to deposit and "grow"/invest their money.

My 4.5 year old sounds like he's at the same stage as OP, understanding we need to work to earn money; items cost money and there are certain priorities of spending. I think our next approach is going to be one of those piggy banks already mentioned for Christmas gifts and once the savings reaches a set amount, we will have him bring it into the bank and deposit it, i.e. every time is reaches $20 or something like that.

Any recommendations on banks/credit unions and type for accounts for your kids?
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Re: When did you open a bank account for your kids?

Postby TazDevil on Sat Sep 27, 2014 7:17 pm

Be a yardstick of quality. Some people aren't used to an environment where excellence is expected.

Steve Jobs
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