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What is a good vehicle/account for holding my kids money?
Posted on 2/15/25 at 9:21 am
Posted on 2/15/25 at 9:21 am
I am starting to teach my young kids about money and the basics of saving vs spending, interest, etc. basically shite my parents never did.
We have a chore chart with a value attributed to each chore and showing they can earn more for various chores.
My question is if there is a good checking account or something like that for small kids where they can deposit their money - preferably something I can easily transfer a few dollars to here and there and watch it grow over time.
We bank with chase but not sure if they offer something free or low cost for such an objective. Looking for advice from parents of kids who have done something similar. If it earns a bit of interest that would be tremendous but understand that may not be an option for a child account. Thanks for your time
We have a chore chart with a value attributed to each chore and showing they can earn more for various chores.
My question is if there is a good checking account or something like that for small kids where they can deposit their money - preferably something I can easily transfer a few dollars to here and there and watch it grow over time.
We bank with chase but not sure if they offer something free or low cost for such an objective. Looking for advice from parents of kids who have done something similar. If it earns a bit of interest that would be tremendous but understand that may not be an option for a child account. Thanks for your time
4
Posted on 2/15/25 at 9:29 am to JumpingTheShark
I'm new school, but the blockchain is sulf-custody. Instead of banks, my kids have their own wallets for this very reason. You can keep it in stablecoins or invest. They track their accounts with some defi portfolio managers. It's fun and teaches a new way of doing things.
They do have cash apps so they have cards and we send them $ to their cards for saving and buying when need be.
They do have cash apps so they have cards and we send them $ to their cards for saving and buying when need be.
Posted on 2/15/25 at 9:35 am to JumpingTheShark
How old are they? You could always make an account for each of them and do the deposits for them. Give them the statement every quarter. If this is small amount then just start with a checking. Could always transition to high yield savings at some point for better interest if it isn't going to be withdrawn a bunch
Posted on 2/15/25 at 11:50 am to HailToTheChiz
They’re going into kindergarten, startin em young!
Posted on 2/15/25 at 12:20 pm to JumpingTheShark
You have a 529? If not that's one avenue where it can grow and benefit them in the future. Can still discuss growth. When they get older, let them pick a company they like and follow the stock. It can be play money just to show them
Posted on 2/15/25 at 3:30 pm to JumpingTheShark
Try the green light prepaid debit cards for kids.
You control the funds from your phone, they use the card just like any other debit card. There is an investing part that the kids can buy stocks, there is a savings part and you can set up automated allowance, either daily, weekly bi weekly or monthly.
You can see everything they buy with them and has a tracker feature as well.
My kids love it and it helps them learn savings and investing.
You control the funds from your phone, they use the card just like any other debit card. There is an investing part that the kids can buy stocks, there is a savings part and you can set up automated allowance, either daily, weekly bi weekly or monthly.
You can see everything they buy with them and has a tracker feature as well.
My kids love it and it helps them learn savings and investing.
Posted on 2/16/25 at 4:13 pm to RoyBoy2323
Thanks for the rec, I ended up doing green light and it’s exactly what I’m looking for
Posted on 2/17/25 at 11:57 am to JumpingTheShark
Both of my daughters have Greenlight accounts and it's worked great. Now that the oldest is about to graduate and leave for college, we will open her a "real" checking account. But to get them started and learn to budget, it's been awesome.
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