I am so excited.
I am going to take my oldest daughter to the bank and help her open her first savings account!
She’s ten now, having recently celebrated her birthday, and she has some birthday-checks to cash. One of our local banks offers a no-fee, no-minimum balance required savings account for children under 16. This type of account will be perfect for my daughter.
I want to incorporate trips to the bank into our regular weekly routine. I want my daughter to be comfortable with the entire process – filling out the deposit slip, endorsing the check, talking to the teller – so that she will never feel “overwhelmed” by the banking experience.
In a few years, when she’s ready for a checking account, she’ll have some grasp of how personal money management works. Hopefully, by the time she’s ready for college, she’ll be prepared and be able to avoid many of the financial missteps that others often make.
What about you? How old were you when you or your parents opened your first savings account? Have you opened one for your son or daughter? I would love to read your comments.