When should you open your child’s first bank account? Now. It’s never too early to open a bank account for your child. Never.
Expecting a baby (still in the oven)? Perfect, you’re ahead of the game. Head to the bank and open an account in your name. While doing so, simply ask for the account title to reference “Baby’s Account.”
Just became a new parent (done cooking)? Head to the bank with your child’s SSN (if you don’t have it quite yet just hang tight for a few days until you receive it), and you can open a bank account for them.
What will you need (other than child’s SSN if available)? Most banks require two forms of ID for the parent(s). Here are some examples of forms of ID: Driver’s License, Voters Registration, Passport, Major Credit Card, etc. That’s all! Well, maybe a dollar or two to get the savings started! Or, better yet, if you’ve already received savings bonds, checks, or have cash lying around in birthday cards (like I do), go ahead and bring them to deposit.
Don’t have any money to put into the account yet? No problem! Set up a direct deposit into the account from your paycheck or set up an automatic transfer from your checking account to your child’s savings account.
Now, get to the bank! (After homework’s done, dinner is made, the kitchen is clean and soccer practice is over.) If you’re still expecting, take a nap before going to the bank…you’re going to need it!
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5 Tips on How to Teach Your Children to Be Financially Savvy
Fun Ways to Teach Kids about Money
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