Quote:
Originally Posted by GLOW
Anyone recommend a good bank account to open for kids to start saving? Hopefully something that doesn't charge fees and actually give interest for whatever savings the kid has.
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Good on you bro, don't worry about the interest as $1000 will be peanuts in interest.
What you should be looking for is no ATM fees and low minimum ($1k). When you force kids to grab cash each time at the ATM (no tap / no debit / no credit card), it creates a sense of value on paper money.
I see kids say "mom just beep another bag of candy for me", they start to think tap is as magic / unlimited source of money. When kids have to actually use cash and see their greenbacks disappearing, financial planning becomes easier to visualize.