A bank account specifically for your child helps her learn about saving and money management. Acquiring these skills at an early age benefits your child as she becomes an adult and has practice at managing her money. Most banks offer special kids' savings accounts, which don't have a minimum age and often waive minimum balances and fees associate with regular savings accounts. A little research before you open the account ensures that you choose the best option for your child's money.
Step 1
Visit your bank by yourself to discuss the possible bank account options for your child. Gather pamphlets or other information on the different account types so you can select the option that will best fit your child's situation. Look for a bank account with no fees if possible.
Step 2
Visit or call other banks and credit unions in the area if the bank you use doesn't offer a good children's bank account option. Compare the other options you find to select the best account.
Step 3
Schedule an appointment to set up the bank account at a time when your child can join you. Ask if you will need any documentation to set up the account, such as a form of identification.
Step 4
Gather your child's money with his help that he plans to initially deposit into the bank account. Take the money with you to the scheduled appointment.
Step 5
Ask the banker to talk to your child during the appointment rather than directing everything at you. This allows her to feel more involved in the setup process. Let your child provide her information, such as her name, birthday and address, if she is old enough to know this information.
Step 6
Set up the account in your child's name with you as an additional contact. This gives your child more ownership over the account and allows the statements to come with his name printed on them.
Step 7
Purchase a special piggy bank or money container for your child to keep money to deposit into the account. Take your child to the bank on a regular basis to deposit the accrued cash.
Step 8
Review the statements with your child to show her how her money is growing in the account.
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