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Forum
-> Household Management
-> Finances
Rosemarie
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 Thu, Nov 26 2015, 3:03 pm
I want to open a bank account for each of my kids to save their chanukah money. Have been saving their money in my drawer in envelopes for a few years now, but I think they are old enough to understand banking their money. I just dont know which bank in Boro park has good kids accounts. I would want no fees, at least some interest, and dont want it locked up till they turn 18 like some accounts I see.
Anyone have any info? Or even other things I should be looking for in an account?
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doctorima
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Thu, Nov 26 2015, 3:53 pm
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Interest will be minimal these days, due to rock-bottom interest rates, but do make sure there aren't any fine-print fees that will chip away at the balance. We use Chase and are happy and don't have fees for kids, but that may be because of our relationship with them, so definitely double-check.
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amother
IndianRed
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Fri, Oct 08 2021, 3:31 pm
Bumping this up.
Other than chase, any other bank
Has good accounts for teens?
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sub
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Fri, Oct 08 2021, 3:34 pm
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Apple bank has a kid’s account. No minimum. Not closed. Child can deposit and withdraw anytime.
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amother
Hibiscus
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Fri, Oct 08 2021, 3:41 pm
I know you said not Chase, but wanted to say we use them too.
They make it very easy for the parents to control the kids account, but still easy and straightforward for the kids to use it.
Each of my kids has their own debit card.
I think we were only able to make kids account after opening a main account for us (adults.)
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Amelia Bedelia
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Fri, Oct 08 2021, 3:49 pm
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My kids have accounts at TD
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amother
Strawberry
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Fri, Oct 08 2021, 3:52 pm
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We use Chase and also opened brokerage accounts (at Chase) for the kids where they can buy stocks or index funds. They are all very into it. B”H my son’s bar mitzvah money has done extremely well in an S&P 500 index fund. They aren’t old enough for debit cards, but that’s a great idea too.
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amother
Wandflower
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Fri, Oct 08 2021, 4:06 pm
My mother opened accounts from us at Apple Bank. There's a Youth Savings Account with a high interest rate.
Looked it up - 3% APY on the first $10,000.
No fees and $5 to open
Last edited by amother on Fri, Oct 28 2022, 12:19 pm; edited 2 times in total
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amother
Melon
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Fri, Oct 08 2021, 4:13 pm
| amother [ Strawberry ] wrote: | | We use Chase and also opened brokerage accounts (at Chase) for the kids where they can buy stocks or index funds. They are all very into it. B”H my son’s bar mitzvah money has done extremely well in an S&P 500 index fund. They aren’t old enough for debit cards, but that’s a great idea too. |
I’ll second this. This is the biggest gift you can give your kids. Invest their money now when it won’t be touched or needed for years. It’ll grow on its own.
We have set that up for our children and put $20 a week into each account. By the time they get married they should each have about $100k just from that…
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SYA
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Fri, Oct 08 2021, 5:27 pm
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We use Bank of America and you need $100 to open an account. Not sure fees.
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amother
IndianRed
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Sat, Oct 09 2021, 8:01 pm
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Thanks for all the responses. It seems like chase it is
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