Author Topic: best child saving account  (Read 3883 times)

Offline curly

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best child saving account
« on: July 12, 2015, 01:56:25 PM »
My 9 year old  son wants to open a bank account to save birthday gifts etc. Any recommendations  for free bank accounts that can be opened and accessed online.

Offline DMYD

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Re: best child saving account
« Reply #1 on: July 12, 2015, 02:39:34 PM »
My 9 year old  son wants to open a bank account to save birthday gifts etc. Any recommendations  for free bank accounts that can be opened and accessed online.
A CD used to be a good option, but the rate that the banks are giving now are not that good, but that probably is the best option for now.

Offline ShlockDoc

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Re: best child saving account
« Reply #2 on: July 12, 2015, 03:01:05 PM »
My 9 year old  son wants to open a bank account to save birthday gifts etc. Any recommendations  for free bank accounts that can be opened and accessed online.

I use a Chase children's savings account linked to mine.

Offline DMYD

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Re: best child saving account
« Reply #3 on: July 12, 2015, 03:37:13 PM »
I use a Chase children's savings account linked to mine.
And they get 0.25%?

Offline morgs

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Re: best child saving account
« Reply #4 on: July 12, 2015, 03:56:34 PM »
My 9 year old  son wants to open a bank account to save birthday gifts etc. Any recommendations  for free bank accounts that can be opened and accessed online.
Capital one 360 has some good options (that I have for my own child) for free savings accounts that can be accessed online (and can be linked to any standard checking acct in order to transfer money easily back and forth)

Offline ShlockDoc

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Re: best child saving account
« Reply #5 on: July 12, 2015, 04:06:40 PM »
And they get 0.25%?

Not from chase. I give them 1%/month as a way to encourage them to save. I use the chase app to transfer Money back and forth between my account and theirs.

Offline curly

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Re: best child saving account
« Reply #6 on: July 12, 2015, 04:40:18 PM »
I use a Chase children's savings account linked to mine.

Can you send me a link for that  don't see it on chase website.

Offline clear thinker

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Re: best child saving account
« Reply #7 on: July 12, 2015, 04:45:09 PM »
Capital one 360 has some good options (that I have for my own child) for free savings accounts that can be accessed online (and can be linked to any standard checking acct in order to transfer money easily back and forth)
+1 I use capital one 360 for my son and daughter I think it's very good.

Offline ChaimMoskowitz

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Re: best child saving account
« Reply #8 on: July 12, 2015, 10:31:40 PM »
Not from chase. I give them 1%/month as a way to encourage them to save. I use the chase app to transfer Money back and forth between my account and theirs.
You want to adopt me?
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Offline AsherO

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Re: best child saving account
« Reply #9 on: July 12, 2015, 10:42:39 PM »
You want to adopt me?

lol. I was thinking the exact same thing, a yield of 12.68%/year (compounded) is very nice.
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Offline ShlockDoc

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Re: best child saving account
« Reply #10 on: July 12, 2015, 10:43:46 PM »
lol. I was thinking the exact same thing, a yield of 12.68%/year (compounded) is very nice.

My kids each only have a few hundred dollars each. A small price for me to pay to teach them the lesson.

Offline ChaimMoskowitz

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Re: best child saving account
« Reply #11 on: July 12, 2015, 10:47:10 PM »
My kids each only have a few hundred dollars each. A small price for me to pay to teach them the lesson.
I will lend them a few hundred thousand and we can split the 1%/mo. This way they learn a few more lessons.  :)
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Offline AsherO

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Re: best child saving account
« Reply #12 on: July 13, 2015, 12:37:07 PM »
My kids each only have a few hundred dollars each. A small price for me to pay to teach them the lesson.

Do you issue statements? $12/year might not be enough for the child to realize. They might be benefiting the most from the fact that they are putting away money periodically and when they look back they see how much they were able to accumulate.
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Offline ShlockDoc

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Re: best child saving account
« Reply #13 on: July 13, 2015, 12:44:26 PM »
Do you issue statements? $12/year might not be enough for the child to realize. They might be benefiting the most from the fact that they are putting away money periodically and when they look back they see how much they were able to accumulate.

They gather around me on the first day of every month and watch me transfer money from my checking account to theirs.  They always try to make last minute deposits which is always adorable watching them go through their change for whatever they can find.  :-)  Before I transfer I make them figure out what 1% is and a few other math problems I come up with related to the transaction.

Maybe it's not the best way to teach the lesson but it's what I do.  I should probably give them a mock 10-99 at end of the year and take away 25% of the interest payments.  I'll have to teach them to itemize their expenses next...

Offline Redbull3

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Re: best child saving account
« Reply #14 on: July 13, 2015, 12:58:59 PM »
They gather around me on the first day of every month and watch me transfer money from my checking account to theirs.  They always try to make last minute deposits which is always adorable watching them go through their change for whatever they can find.  :-)  Before I transfer I make them figure out what 1% is and a few other math problems I come up with related to the transaction.

Maybe it's not the best way to teach the lesson but it's what I do.  I should probably give them a mock 10-99 at end of the year and take away 25% of the interest payments.  I'll have to teach them to itemize their expenses next...

I like your idea.

Offline ShlockDoc

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Re: best child saving account
« Reply #15 on: July 13, 2015, 01:04:17 PM »
When they first were old enough to be aware of money, I built them a three-sectioned pushka.  Any time they got money as a present or whatever, I made them divide up their money between the three sections:  Charity, Saving and Spending.  That was a great lesson that they haven't outgrown yet.  Any time they get money, they think about those three categories. 

At some point I'll introduce them to investments...