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Well folks, here it is- the final part of how to raise a money savvy kid. I truly hope that you’ve enjoyed this series and that it has been of some use to you. Next week, I will be starting a new series about how to teach your (hopefully) now money savvy kid how to save money. This is such an important thing to learn at any age, I think. But when you can start young, even better. This last part of raising a money savvy kid ties nicely into the new series as it’s all about bank accounts for kids.

In this final part of how to raise a money savvy kid, we're going to talk about bank accounts for kids.


Bank accounts are part of managing your money. While you probably don’t want to go out and get a checking account for your six-year-old, there are age-appropriate accounts. Let’s take a look at some of your options.

Elementary Age Children

* Christmas club accounts – This is a short-term savings account (less than 12 months) that pays less than 2 percent interest. It’s a good tool to begin teaching young children how to save.

* Savings accounts – Children can have joint savings accounts with their parents. You can require your child to set aside a portion of cash gifts that they receive. You can open an account for them as soon as they’re born and begin building a savings for them.

When they’re old enough, you might consider transferring some of the money into a higher yield investment account for college.

Middle School Age Children

* Savings account – Your middle school aged child may be able to manage a savings account with a debit card. Generally speaking, at this age you want to still be able to monitor their saving and spending. A joint account may still be in everyone’s best interests.

A debit card can begin to teach them about managing their money.

* Investment account – If you don’t have an investment account for your child yet, this can be a good time to introduce your child to stocks, bonds, and other investments. You can help them learn about investing and choose a good stock to start with.

High School

* Checking Account – By high school your child should be well on their way to becoming financially independent. That means having a checking account with a debit card and all of the responsibilities that come with it. Hopefully, they still have their savings account and an investment account too.

Banking is a part of managing your money. You can ease your child into the world of banking by starting them when they’re young. By the time they’re adults, they’ll be well versed in managing their money effectively.

And for the youngest in your family, consider a piggy bank or even a family piggy bank. We’ll talk more about bank accounts and saving money in the new series next week.

Do you have bank accounts for your children?

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Digital Product Creator at Kori at Home
Kori is a late diagnosed autistic/ADHD mom. She is currently located in Albany, NY where she is raising a neurodiverse family. Her older daughter is non-speaking autistic (and also has ADHD and Anxiety) and her youngest daughter is HSP/Gifted. A blogger, podcaster, writer, product creator, and coach; Kori shares autism family life- the highs, lows, messy, and real. Kori brings her own life experiences as an autistic woman combined with her adventures in momming to bring you the day-to-day of her life at home. Kori is on a mission to empower moms of autistic children to make informed parenting decisions with confidence and conviction.

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