Opening a savings account

Some kids think money grows on trees.

But how are they to know differently when most don’t get to handle cash regularly or go into a bank? I recently heard a story about a 5-year-old who was slipping a deck of playing cards, one by one, into an air vent in his living room. Why? He wanted to get some money.

While a furnace vent may vaguely resemble an ATM (automatic teller machine), how would a 5-year-old know money won’t return? One skill we can teach our kids is how to use a bank or credit union, including putting money in and getting it out.

When a child can count money—generally around age seven to nine—it’s time to open a basic savings account and make regular trips to the bank. Be sure to help with filling out deposit and withdrawal slips. Watch the coin machine count change, observe what tellers do, and let a bank employee explain how the ATM works.

When kids have made many deposits and withdrawals and feel confident in using a teller, it’s time to introduce a debit card so they can use the ATM, perhaps ages 10-13. Good luck!

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