bank accounts for your LO

ninjette04

I've looked on some of the different banking website and I can't find anything so I was hoping you ladies may be able to help.

For DS second birthday we want to start his bank account. When I was a kid my parents started ours at Eagle Savings and Loan, we got a "special" (higher) interest rate just got kids. Does anyone know if any banks still do this?

Mominthemaking14

I was looking into this as well. The larger banks have discontinued this but a smaller "savings and loan" bank or credit union may. No help here but interested in the responses you get.

ninjette04

I've heard 5/3 does something, but I can't stand them. Maybe I'll check some website for smaller banks tomorrow/this coming week.

narbuckle01

Funny funny @mrscatfarmer13. I second the 529. That's what we are doing when I get time to set it up!

ninjette04

We want something to help teach him money management. We really haven't decided what we will let him use it for (college probably). We just want him to learn that he needs to save his money and that things don't "grow on trees".

I'll definitely look into the 529 -thanks!

KDR1979

Our kids have basic savings accounts at 5/3. They don't earn any extra interest, but they do waive any fees because they are minors (and don't require a minimum balance).

We also have 529's for them and put a little bit in there every month.