When Should a Child Start a Bank Account?

Question

At what age?

Answer 1

I plan on starting a bank account for my child as soon as it is born. I wnat my child to be able to have and enjoy the things in life that I didn't when I was young.

Answer 2

C'mon Kiki, let's be practical. You have received good answers already, but I'm much more skeptical about whether we really intend to save or whether this is just some reason to say "My child has a savings account".

If you are talking about creating "teaching moments" for a 5 yo, a piggy bank or jar works better, because it teaches them how money can grow if you manage it well.

On the other hand, working on a college fund for a 12-yo might require a bank account.

I like Dave Ramsey's approach to teaching kids that money is good for 3 things: to save, to spend, and to give away. But to earn money you have to work and earn commission, then split the money into 3 envelopes.

Anyway, whether to open a bank account or not depends on the purpose and the age of the child.

Good Luck

Answer 3

I had a bank account quite early as well - I don't remember the exact age, but less than 8. I did not have my own income, but I got an allowance. It was not big, mine was not a big money family. I used my bank account to save money so I could buy the things I needed or wanted, the extras that my parents did not provide because they were non essential. I think that situation taught me a lot about money management that I still employ today, however, I think there was more to it than just having a bank account. I think I would have learned the money management anyway, because it was necessary if I wanted extras. Now it is necessary for the essentials, as my parents no longer provide those.

Answer 4

Well, it depends whenever there is money there is no age.
Child or old man without money what is the use of bank account.
Normally the parent or the child would open an account. Parent open saving account but child will start his own deposit account when he is aware of the bank account importance.

Answer 5

I started my kids account the same week they were born ....i put a couple dollars into the account every other week or our left over change in a change jar at the end of every month......then when they were 3 i gave them a dime or quarter evertime they did a good thing like put toys away or hung up thier coat ect....they put it into a change machine we got each of them that told them how much they had then at the end of the month we would take out the change and take it to the bank....they even filled out their own deposit slip....plus they love having something that is only theirs.....me too cuz when they really want a toy or something we go and take out some of their money at the end of each month and they get to pay for it.....its fun....plus i dont have to hear them whine everytime we go into a store how much they want something ......so it depends on u and when u think they are ready....i think it good to start one at any age....

Answer 6

On the way back from getting a social security number. If a baby has $1,000 put into an interest bearing account, depending on the interest rate, that untouched amount by age 65 will be worth thousands more. If parents and that adult child continue to add to it (again, depending on interest rate), that $1,000 will turn into hundreds of thousands of dollars. The answer to your "when" question is best responded with TODAY.

Answer 7

When they get there own job. 14 in most states or 15. It's better for them to start a bank account with there own money.

Answer 8

it depends i guess
i had my first bank account when i was 7 years old because i was 'working' in movies and television series as an extra, but normally i would say around 10-12

Answer 9

My mom opened up a saving account for me when I was 10.

Answer 10

I opened my son's account 3 years ago. He's 11 months old.