Bank account for kids
Explain to your child what it means to have a bank account. A kid may not be willing to put money in a bank because she is afraid she will never see the money again. Tell your child how a bank works, and that she will be able to take money out when it is warranted. Use the links provided below to gain more information on this subject.
Set up an appointment to open the bank account. Come prepared with your child's SSN, your SSN (especially if this is a different bank from yours) and an initial deposit. Make it clear that the account should be solely in your child's name, and that statements should be mailed to your child directly. This gives kids a great sense of involvement in the process, which encourages future savings.
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