kids savings account

[Anonymous]

Does anyone have a bank they are using for a kids savings account that doesn't charge monthly fees? We're trying to teach our kids about money and want them to deposit birthday money, etc. into their own account, but we don't want to pay a monthly fee since amount is very low!

[Anonymous]

We just opened a bank account with Wells Fargo this summer for our 8 year old. He loves depositing his allowance at the bank. No fees, and we did not have a banking relationship with them. Our bank charged fees for kids accounts. I assume it's still the case with Wells Fargo.

[Anonymous]

We used to but about 6 months ago they changed the policy that unless you had X amount in the account (it was too high for us to keep it in 2 accounts for them, plus ours) you'd be charged $20 a month if you didn't use the ATM card X amount of times for X amount of dollars. Ridiculous

DH has a Charles Schwab account he opened up years ago. We are looking into reopening the kids account there.

[Anonymous]

JFCU

USAA

[Anonymous]

Bank Of America
tied to my(mommy) other accounts - which means I can make deposits and withdrawls via the ATM
minimum of $300.00 to avoid fees

[Anonymous]

Cardinal bank has a kids account that pays decent interest. Your credit union might too

[Anonymous]

TD Bank

[Anonymous]

Virginia Commerce has good kids savings accounts.

[Anonymous]

BB&T

[Anonymous]

Anonymous wrote:We just opened a bank account with Wells Fargo this summer for our 8 year old. He loves depositing his allowance at the bank. No fees, and we did not have a banking relationship with them. Our bank charged fees for kids accounts. I assume it's still the case with Wells Fargo.

Weird. Wells Fargo forced me to start paying fees on a low balance account I opened as a child when they bought Wachovia. The sole reason I have the account is because it's my oldest account so it's relevant for my credit score. Pretty annoying to pay a fee on it, and Wachovia always let it be.

[Anonymous]

I like the ING Money account. When your kid is a teen you can give them teh debit card that goes with it.

[Anonymous]

Navy Federal Credit Union

[Anonymous]

My kids have kid savings accounts at Wells Fargo and with a minimum of $300, there are no fees.

No fees also at ING, now capital one.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We just opened a bank account with Wells Fargo this summer for our 8 year old. He loves depositing his allowance at the bank. No fees, and we did not have a banking relationship with them. Our bank charged fees for kids accounts. I assume it's still the case with Wells Fargo.

Weird. Wells Fargo forced me to start paying fees on a low balance account I opened as a child when they bought Wachovia. The sole reason I have the account is because it's my oldest account so it's relevant for my credit score. Pretty annoying to pay a fee on it, and Wachovia always let it be.

How would a savings account figure into your credit score? Only credit/borrowing relationships do. Your oldest ccard accoubt, sure. Your oldest savings account? Not so much.

[Anonymous]

Our kids' accounts are with Capital One. No fees but that may be because they are linked to our checking/savings accounts. The product is a "simple savings" account.