Youth Savings Accounts - A Great Way To Teach Kids About Money
Welcome to Saving Money with Andrew!
My older son (6) loves earning money, but spends it almost as quickly as he gets it. I encourage him to save, but it’s hard to compete with Pokémon, Legos, and books from Barnes & Noble. My attempts to convince him to open a bank account were met with skepticism that I was trying to keep him from buying the things he wants. But finally, I was able to persuade him by offering to add $5 to his first deposit.
I started researching and found a good list of banks offering these accounts, but I also called around to local banks. A nearby bank offered a “Youth Savings Account” with a 5% APR, no minimum balance and no fees, and VIP treatment for him when we came in. The experience was memorable—it was his first time signing his name and filling out an official form—and the bank gave him several free gifts for opening an account.
The best part? When the bank manager asked him how much he wanted to deposit, my son opened his wallet and took out everything he had: $17.03. I hope his first statement in the mail showing the interest he’s earned will encourage him to keep adding to it.
And now, Andrew’s pick(s) of the week:
How the New York Times Managed to Avoid Ruining Wordle
The Unraveling of the U.S. News College Rankings
Do Your Neighbors Paint Their Lawns Green? Increasingly, Yes
Home Renovations Were Always Tough. Now Many Are Giving Up Mid-Project
How a Fictional Band Made It to No. 1 on the Charts
I hope this has been helpful. If you liked it, please share it on social media! Also, please send me your feedback, requests, and success stories.
