Author Topic: Bank accounts for kid 8 and 11  (Read 282 times)

Thriftybugger

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Bank accounts for kid 8 and 11
« on: February 12, 2024, 05:59:14 PM »
So the little buggers want a bank account!  I'm curious if there's a child-friendly option out there that could introduce them to the basics of financial responsibility. The user interface of our current credit union account leaves much to be desired. I'm fond of the Apple Card for its straightforward presentation of expenses, and I'm considering the possibility of downloading transaction details to Mint for better financial tracking. Vanguard might be another platform to consider.

While I don't anticipate them making many purchases with the account, I think it would be valuable for them to understand the real cost of things. For example, they might be surprised to learn that a couple of milkshakes from Sweet Cow can add up to $20! As it stands, they don't really receive an allowance or make their own purchases. Currently, they're quite skilled  at depleting our bank account without a hint of remorse.

merula

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Re: Bank accounts for kid 8 and 11
« Reply #1 on: February 13, 2024, 07:56:12 AM »
I have a Capital One account, and their kids savings accounts have worked well for my kids for ~4 years (now 9 and 11). They get their allowance split between cash, savings and giving away, and I was able to set automatic weekly transfers for savings/giving away accounts for each of them. When they spend from their account, I transfer it online from theirs to mine.

There's a "teen" account that includes a debit card, but I haven't done that yet. It's technically 8+, but I don't think my kids are ready.

I would imagine that there's something similar for most banks; I had a savings account with Wells Fargo starting from when I was 11 (with a book of deposit/withdrawal slip! and monthly statements!).


Thriftybugger

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Re: Bank accounts for kid 8 and 11
« Reply #2 on: February 13, 2024, 09:46:58 AM »
Thanks - not a big fan of Capitol One but I guess these big banks are all the same right.

Anyone heard of https://www.getcopper.com/about-us Copper
or https://greenlight.com/plans Greenlight ?

Look interesting but fee per month $5!

SomedayStache

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Re: Bank accounts for kid 8 and 11
« Reply #3 on: February 13, 2024, 10:25:47 AM »
I did a search for kid friendly accounts a few years ago and just ended up opening them Capitol One accounts - I also didn't want to go that route, but it was free and I already had my own account there.
The app is friendly and the kids can only see their own account via the web and app (not the family accounts). There's a 'savings bucket' they can throw money into if they want to create a partition for savings vs spendings.

Thriftybugger

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Re: Bank accounts for kid 8 and 11
« Reply #4 on: February 13, 2024, 10:50:17 AM »
Copper looks cool as you can assign tasks and you can pay them for completion and a lot of other suff, I think it's been updated quite a bit over the years. Has a free trial perhaps I'll give it a try.

 

Wow, a phone plan for fifteen bucks!