How should I set up a child's bank account?
When I grew up, we went to the bank and got a passbook savings account. It was a ritual going to the bank to deposit money into the account. It was also a ritual to watch the interest accrue (oh so slowly).
Now, what do I do? An ING account online? Is that ritual enough? Do passbook savings accounts even exist any more? Frankly, I haven’t set foot inside a bank in years. What’s the point of teaching my kids to do that? Do they need to stand in line in front of a teller?
I want them to learn the importance of saving, and to be financially responsible, but, as technologically savvy as I may otherwise be, somehow I feel at a loss about getting started with banks and kids these days.
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