Children's Savings Account

Children’s Savings Account

With a Children’s Savings Account “A penny saved is penny earned” and never is this more true than with children. Opening a children’s saving account for your son or daughter at a young age is a great way to help them learn proper spending and savings habits at a young age. These habits will become engraved in their minds and stay with them throughout their life.

Any children get allowance, work part time as the become teenagers, or might get money for birthdays and other holidays. Having their own bank account can encourage savings instead of spending. Getting into the habit of putting part of one’s earning away into a savings account will set them up for success in the feature.

Banks figure that if a child has his or her money with the bank from early on in a Children’s Savings Account and have a positive experience they will remain a customer into their adult life. Because of this many banks offer many features that you would not see in some regular accounts.

Bank Of America Says

“With Bank of America, you get a full range of banking services with the depth to enhance your banking experiences. Besides our maintenance free high quality online, and mobile banking services, we have more than 6,100 Banking Centers, and the largest ATM network in the nation with nearly 19,000 ATM’s in the US. Bank of America conducts quarterly benchmarking research to stay apprised of competitors’ fees. In many instances, our fees are the same or less than those of other national financial institutions.

The Custodial Savings for Youth can be opened if you already have a checking and savings account with Bank of America, and the qualifying child must be under 18 years of age. The account can be opened with as little as $25 and it is FDIC insured. Please note that the child will not have access to the funds until he or she reaches the age specified by state law.

They would not ATM card or be able to set up online banking with just the account. However as the custodian on the account you would have access to view this account with your checking account online as well as have it linked to your ATM card with your checking account so you can make withdraws or deposits through ATM.”

TD Bank Says

At TD Bank we offer a TD Student Checking account with no monthly fee or minimum balance requirement. We also offer a Young Saver savings account with no requirements if the primary account holder is 18 years old or younger.

TD Bank offers a number of resources to our Customers, including online banking with email alerts, over-the-phone banking, Mobile Banking, live customer service 24 hours a day, 7 days a week 365 days a year, and many ATM and branch locations from Maine to Florida as well as in Canada to allow you to effectively and efficiently manage your accounts.

We know that customers have many options on where to bank. If conveniently located branches, evening and weekend hours, and legendary customer service are important to you, then we are confident we will be able to exceed your expectations should you choose to bank with us.

Children’s Saving Accounts often enjoy no minimum balance like normal accounts have which is nice because many kids do not have a ton of money to put into their account. Banks also do not charge maintenance fees or service charges on the children’s accounts. Many offer special coin service to cater to children who bring in their pennies and dimes to add to their account. Kids can even get an atm card off of their account to withdraw money wherever they are. Other special services like candy, ice cream, and other extras to make kids enjoy going to the bank.

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