Should I open a bank account for my kids?
Pre-teens are ready to graduate from a piggy bank to a youth account. Youth accounts are specially designed for young savers -- they have no fees, there are limits as to how much you can withdraw and they get their very own debit card. Some young kids may have some resistance about putting all their savings in a bank account, but you can put them at ease by showing them how their savings continue to grow and accumulate. Show them online or take a look at your bank statement with them.
Robin Taub is a Chartered Accountant, and author of the book “A Parent’s Guide to Raising Money-Smart Kids”.