Setting up a bank account for your kids is a big deal. This is the first step towards admitting that they are getting older and must learn to be financially responsible. Some parents may look forward to this day while others aren’t quite ready. With that being said, it’s important to know what to look for when choosing a bank for kids, because this is their first experience and you want it to go well.
Not all bank accounts are appropriate for kids, and you also might want to think about what the account is for – is it for long term or short term saving, is it to have a place to put all those quarters your kids have in their piggybank, is it to manage their allowance or birthday money, is it to have an overview over their financial habits or is it to make their spending easier. Here’s what to look for.