Any recommendations on what bank to get them at ? Also anyone else save money for their kids using any other methods would love to hear them. I’m located in California.
11 Likes
Help a mama out and respond anonymously on our forum.
We opened an a savings account for my oldest son when he was born. He was an only child, gchild, ggchild. So he was spoiled rotten. So every bday or holiday that he received money he could only keep the amount of his age and the rest went into the bank. Example at 5 years old; gma gives him a $20, he kept $5. Uncle gives him $10, he kept $5 etc. the rest would go into his account and he still had money to spend at the store. When he was 10, he kept $10 and deposited the rest. When he graduated he had a little nest egg.
1 Like
Credit Unions are the best…located in Tx and Texas trust is great. I deposited $100 to open my sons act and soon enough his interest accumulated to have almost 150 within 6 months. Imagine if you deposit a decent amount
My son has a penny savers account so every birthday he gets to do a penny grab and deposits that along with a couple of dollars from us. He has accumulated quite a bit. Plus he has saved all his tooth fairy money at home.
We bank at hills bank & trust here in IA.
My bank in Texas allowed m to open an in trust account for $10. Each month I have a certain amount added to the account.
Chase has high school accounts. Wont let them over draft. 3 kids have had. When 18 they tuen into regular bank accounts.
Nope wouldn’t get one either for them, just like us growing up we had cash no bank accounts , have to teach how to handle cash not just swip a card , I don’t want kids to be lazy, letting them learn
So I have a photo elbum and everything they get money we put it in there instead of a piggy bank. When they graduate that will be there gift… a photo elbum full of money starring at kindergarten… when they get good grades I put big bills, or their bday money etc. Their young now so they have no idea once they get teens they might wonder where all there money is. I’m not letting them touch it till they graduate. After that it’s on them what they do with it.
Altra Credit Union has several great kid accounts to choose from.
If your not married dnt tell x about the saving account keep it to yourself
Absolutely. I have a percentage of my check come out and go directly to her biweekly. When my second daughter arrives I’ll do the same for her.
Tell the bank you want an “education savings account”. Make sure you have a p.o.d.
1 Like
Don’t bank with B of A / Bank of Assholes