Just like parents, children are also susceptible to society's consumer habits. Starting from an early stage, children tend to develop a liking for the latest electronic gadget and trendy clothes to name the least. If started at such an early age, the habit can grow and stick. To help your children and probably prevent them from falling into the cycle of debt, it is very important to show them the value of saving money. Opening a bank account for your child is a great option for setting an example for saving money.
With the number of banks offering such account opening options, it is very easy to get a Children’s bank account opened.
When looking for a bank to open an account with, it is very important to look for a bank that offers a no fee account probably with a passbook/monthly statement and unlimited transactions. Passbooks are important as they allow your child to approach the bank, transact and still manage to keep track of their bank balances.
Opening a bank account
To open a bank account for your child, you need to visit your bank in advance and check the different types of accounts available. Chances are that you'll be surprised by the different incentives on offer particularly for juvenile accounts. Most banks view children account as PR expenditures which is aimed at next generation customers.
Choose a particular account option with your bank and set up an appointment. Your next visit should be with your child if possible. Give the bank an opportunity to explain day-to-day banking to your child. This way, your child will be introduced to the real banking experience which is usually exciting to most children. You could also get the bank to plan and structure your child's savings account.