Your child’s first savings account

Beyond the piggy bank

At some point kids should learn how to manage and save their own money. A piggy bank is a good start, but a savings account will open a new world to your child.

Through a savings account, kids learn that money can earn money. With your guidance, they’ll learn the difference between interest and compound interest. By depositing their money in a safe, FDIC insured bank, they can save toward specific goals.

Keeping their pennies out of reach also makes it less tempting to spend their money on candy and trinkets.

Check all of your local banks before you settle on one. Some offer fun, appealing programs for kids. Some banks require a parent or guardian to control deposits and withdrawals, which can put a damper on learning experiences.

Keep in mind that your child will need a social security number to open an account at most institutions. Be sure to bring the proper documentation if you decide to open an account.