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3 Tips to Open a Bank Account for Kids

3 Tips to Open a Bank Account for Kids

It's never too early to start learning about finances! Help set young learners on the path to becoming financially responsible with the stories in the Financial Literacy for Kids book series. With the help of lovable characters Cat and Dog, children will become familiar with financial literacy core competencies, such as earning, spending, saving, borrowing, and investing. Story topics will help children become more knowledgeable and improve their understanding of financial products, services, and concepts, empowering them to make informed choices.

Through Cat and Dog's approaches to financial choices, and with a bit of humor thrown in, children will become more aware of the dos and don'ts for future financial success. 

Today we are going to highlight our financial literacy book "Cat and Dog at the Bank." Cat and Dog's saving jar and piggy bank are overflowing. They decide to find out what a bank is and how the bank can help them with their money.

We wanted to share some helpful tips for opening a bank account for kids. 

 

1. Teach children why it’s important to save money

Teaching children the concept of saving is a easy when you have them save for something they want or need later on. With older kids, help them think of savings in terms of goals, achieved over time. For instance, they may want to plan for purchasing their own car, or be prepared to help with college costs.

2. Compare and visit different banks 

Just because a bank may be well-known doesn't necessarily mean they are the best option for you. Have the child research and visit different institutions. Make an appointment to set up an account, and have your child carry in necessary information (see Items to bring to the bank). As the banker for a tour of the vault or safety deposit boxes and explain what they are.

2. Ask questions

Be sure to have your the child ask question and learn as much as possible about different types of  accounts and interest. Have the child put all the information in a folder that you can reference later.

3. Make trips to the bank a part of the routine and encourage deposits

Make trips to the bank part of your routine. Encourage children to do chores to earn money and make deposits into their accounts to save for the future.

Hopefully you found these tips helpful and be sure to check out Cat and Dog at the Bank!

Enjoy a FREE DOWNLOAD of our I Can Do It! Multiplication Bundle! 



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