Today: we opened the kids' bank accounts
I was searching our archive to see what we had previously discussed regarding kids & bank accounts. I was surprised to find nothing except our conversation on smaller banks, from the parent perspective. And, while we've talked about kids earning money, we've never really talked about where to put it.
Today, prompted by a solication for free money from a big-bad bank, I walked into my local branch of a national operation, my bag weighted down with the contents of two large piggy-banks that have been collecting cash since we lovingly painted them almost 8 years ago at Mimosa Studios.
I was overwhelmed and underwhelmed by the options, all at the same time. This particular bank's account options for minors had major limitations from my perspective: no ATM card, savings-only option (no checking), and limited online banking capability. The advantage, however, was that there was no fee for the account.
I am all for walking into the branch, filling out a deposit slip, and waiting in line for a teller, but I can't tell you the last time I did it. The reality is that my banking behavior is limited to infrequent visits to the ATM, mostly taking cash back on rare occasion at the supermarket, lots of debit transacting, and lots more online transacting for almost everything. I really needed to have the option of the online/ATM banking.
In the end, I ended up getting a new checking account, in my name, with two associated kid's accounts. In each of their respective accounts, I deposited their piggy-bank contents.
I would love to hear what kinds of bank accounts you have opened for the kids. What are key features? Drawbacks? Did you go to a smaller, local bank? A larger chain?