Sunday, 9 April 2017

Bank Accounts for Kids

Play Your Cards Right

Hello little friends and family. I hope that you had a fantastic Spring break and that your Easter break is going well.

Did you manage to read the previous post? Or did you miss it? I've linked it here so that you mums can get a little inspiration for the work that you do. Of course, without a shadow of doubt, dads, you also are awesome in what you do. Can we just allow the mums to have a little teeny shine today?

Ok, so the million dollar question today is, "How old should a child be before having a bank account?"

I have to be honest here and say that I certainly did not have a bank account as a child. It just wasn't something that we did. I'm not even sure that there were bank accounts for kids in those days.

However, with the way things are going now, especially when it comes to money, there are many bank accounts for children on the market. In fact, it's quite a big market.

I think I must have had my first bank account when I was about 21 years old.

By the time I became a parent and knowing what I knew then, I didn't hesitate to open bank accounts for both of my daughters shortly after they were born and once I had obtained their birth certificates - which is usually within a few weeks of them being born.

So, in answer to the question, you should open a bank account for your child as soon as they are born. Why? It is likely that opening a bank account for your child will encourage you as a parent to start depositing small sums of money into it - afterall, we don't just open a bank account for the sake of it.

In case you haven't already opened a bank account for your child, but are contemplating doing so, or perhaps you are even confused about which is the best account to choose for your child(I also get confused too), I'll let you know in second. Before I do so, please allow me to clear about myself. 


Ok, so now that we've got the disclaimer out of the way. there are two types of banks that I will recommend - that's right, I said, "types" rather than just two banks. 

I highly recommend community banks such as Credit Union banks. These types of banks offer many perks to their customers, coupled with their ethical stance and contributions to the local community. 

In the UK, there is Essex Saver and Liberty Credit Union that you can look into.

The second type of bank that I will recommend are banks that are no quibble banks, but ones that give money incentives to kids, thus encouraging kids to want to save even more. One such bank is Metro Bank.

There is one more thing that I'd like to let you know in case you aren't quite sure about why you should even open a bank account in the first instance. It is my complete and basic money literacy system called Play Your Cards Right. The system is made up of six money literacy flashcards and a worksheet booklet that will help you as a parent teach your child about the keys areas of money - savings is one of them.

Set of Six Money Literacy Flashcards

I hope that you enjoyed todays' post and stay tuned for the next post. I have something really interesting story to share with you.

Until next time, stay savvy and responsible.


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