If you are looking for a way to make your child more responsible with his or her money then the kids savings accounts offered by your local bank or credit union might be just the thing you are looking for. These types of accounts can be started as young as age 5 and give the benefit of a real savings account with interest earned. They learn independence and the joy of saving money for a special occasion making them understand the difference between needs and wants.
There are also student accounts for slightly older kids about to go away to school but these can also be started while they are in highs school. Student bank accounts offer a great way for college students to save money because it helps them to keep their money in one location, and helps them to learn financial responsibility during their college years. These are standard bank accounts with checking and savings ability but with fewer fees usually.
Most accounts are available to students with online access, debit card, and may or may not include checks depending on the account. It will also come with overdraft protection in case there are any slips in the beginning of learning to have a bank account. Once the child graduates from college, the account is then converted to a regular account. Once it converts the fees will go up as in a standard account and overdraft will be gone unless it is backup by a savings account or credit card (just like a standard bank account). Usually the plus side is that the interest goes up as well depending on the bank. These types of accounts are really an added value for boths kids and their parents as it give everyone a bit more piece of mind as their child goes of to school leaving home for the first time.
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