Absolutely yes! I set up accounts for each of my kids as soon as they were born. Until recently they got a small amount per fortnight, but now I am putting in enough to start covering their secondary school fees, camps, uniforms, technology, etc. Even a small amount per fortnight over 10 years has added up a few thousand dollars each, which is helping us now the oldest is a teenager and the others not far behind.

Oh, absolutely yes. I have one for both my children. I deposit $2 a week to each of their accounts. Once, they get a job, I will be taking one third of their income and putting it into their account. They can have a spendings account. It’s a great way to teach them about money and saving. I have a friend and her boy used half of his money to go halves with his parents for his first car. It’s nothing fantastic, but, he’s worked for it and is very proud to call it his.

Yes great idea for kids. They can have there own set of wheels by 18

I am thinking of opening an account for my baby, I am on income support and I want to put money away so I can use it when she needs something and anything left will be hers when she gets old enough. I think teaching kids the value of money by getting them to save pocket money they have earned is very important especially in this day and age. If they can save up in their piggy bank and deposit it into a bank until they have enough to buy something they want it’s a great lesson for later in life.

My kids all got bank accounts by the time they were 6 months old. Our families are all interstate so they deposit small amoutns for birthdays and Christmas. It is adding up quickly! We are thinking that it will be their first cars or house deposits!

I opened accounts for my kids when they were quite young. We had well meaning Aunts and Uncles send them birthday cheques and it was easier to bank when they had their own accounts. I was signatory on these accounts – still am.
When they went to school they used a different credit union and so I opted not to get one. My kids did chores and got pocket money which as they saved they banked some. I made a point of showing them their statements when they came to show what they banked and what interest they got.

I think it is a great idea. Even if it is only a small amount it quickly adds up, plus they get bonus interest. Shop around for the best one – we have the CBA Dolomites for my daughter only because it was opened through the school. I deposit her pocket money across every week (that she gets for doing her chores) and we can log on and see how much money she’s saved and how much interest she has earned.

I think its a personal choice.
Ask your kids what they think and if they are interested. Its not that hard to open accounts but its just a matter of if they would be interested.

My son has had a bank acct since he was two, he’s now six. What ever bday, christmas or special money he was given would go in a money box. Any loose change he found around the house, in the car or at his grandparents house would go into the money box too. Once a month or two we empty it and take it to the bank to deposit into his acct.

Definitely a good idea. Started one for both my kids when they were at school and deposited a set amount each week. When my daughter turned 18 she had enough to buy herself a decent secondhand car. My son still saves a set amount each pay for the things that he really wants to buy.

I set up a bank account for my daughter when she was 6 months old. I’ve been making small deposits for her ever since and it really adds up. I’m only receiving centrelink and by all means can’t afford to be putting large amounts away but she already has over a thousand in there.

What a shame your school doesn’t participate in this awesome program…. I am one of the school banking ladies for our school and we have so many kids that bank once a week into there bank accounts. I think it is a good idea to get them involved as it shows them a little bit about the responsibility of money… Even if it’s only $1 a week.

I have a bank account and on each event that they receive money they need to deposit a small amount. Every cent adds.

After my two kids dad left i set up bank accountS for them and all the child support money goes into them as well as birthday money

we have one for each of our children – when they are given loose change from poppy or nanny or my hubby and I it goes into their money boxes. During the school holidays we empty them, count them and then take the coins to the bank and the children deposit it and they have a bank book that the teller stamps and they see their balances growing. We are teaching them to save for big ticket items that they want to purchase – like expensive Wii games like Skylanders etc

my 2 older kids do school banking (we live 30 mins from town so it is just easy through school) but i only put a couple of $$ in the bank each week have been doing almost 2 years now. and each time they make a deposit they get a token and once they have 10 tokens they can trade them in for a prize in that term my kids just got projector cups they have also got pencil cases plush toys

We set up an account for our daughter when she turned 3. She has a piggy bank at home that her money goes in. Once piggy is full it gets taken to the bank and she gets to see them count it and write it in her bank book. She is now 4 and loves the whole process of saving her money.

I think it’s a great idea! I set up accounts for each of my children through my bank when they were born. Their accounts are linked to mine, so it’s really easy to transfer money across into their accounts. Each month I pop a couple of dollars in (to ensure it stays at the slightly better interest rate): you would be surprised how quickly it adds up! If the children get money for birthdays/Christmas that goes into their accounts too. I am thinking that I might get them to set up a separate account when they are older/start school, and then give them access to this account when they are older (a little surprise for them, to (hopefully!) go towards a house or car or something).

it is a good idea it teaches kids how to save and you will be suprised how much they can save it all adds up.

I think its great to encourage children to spend and save at the same time.