Low Deposits on Kids Savings Accounts
You may be interested in opening a kid’s bank account and are wondering if you need to make a large initial deposit. You are interested in maintaining a valuable learning tool for your kids, you might be a little short of funds. That is why the large deposit might be off-putting. If this is the case, you might also have clear concerns regarding having your kids money tied up. Here is some good news: there are kids savings accounts that can be opened for as little as $5. Yes, you read that correctly – $5! Certainly, this will not set you back very much.
Many of the larger banks and credit unions offer a savings account for kids that require 5-25$ deposits with no minimal investment required. This means you can teach your kids the value of savings money without worrying about losing money or having to invest a lot. This also means that kids can go in weekly or month and deposit very small amounts. Even just a couple dollars a month gives kids the independence of dealing with their own money and it helps them prepare as they become finally responsible adults in the future.
One thing that needs to be remembered is that the purpose here is to develop a learning experience for the kids. So, the amount of money that you put into the account is really not what is important. Instead, the key will be to use the account to show a young one how a bank works, how money is saved, and how the value of money grows over time. Of course, the ability to balance a budget can be taught as well. You do not need to invest a lot of money into the bank for this. And the best thing is kids can start their own account while they are young- some places will allow kids as young as age 5 to start one, while others need to be 13 or older.
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