Definitely a great idea. All 3 of my children have one n money is set aside for it on an irregular basis. Every bit helps for their future, no matter how small.

I agree that you should have a bank account for your children. When I was six we did have school banking (a very long time ago). It encourages children to save. Going and putting my 20c in per week was a thrill and we saw the tiniest amount accumulate in our passbooks into something we could be proud of. I carried saving into my later years, and with my husband only had a small loan when we bought our home. However my children’s school had no banking system either. We had bonds, given to them at birth and the interest went into a trust account which I put into their accounts. I think children should be given a small amount to physically put in a bank account. Unfortunately banks do not have passbooks any more to let children see that they can save by just looking at their passbooks.

I had one with the Commonwealth Bank started in 1965 my kids had Dollarmite accounts started with the school banking but we went straight to the bank ourselves with their Birthday Money and chore money. Commonwealth Bank and St George have no fee accounts for kids under 21 as long as they are a student (including TAFE and UNI). Great idea and kids will learn this from you Mum and Dad. School’s have enough to do. Our School Banking was run by the ladies of our Parent Group volunteers.

Opening up a bank account for each child sounds like a great idea, I might do that. My kids have money boxes each but an account would be much better and will teach my baby’s. How to save 🙂 thanks ladies

Each of mine had one opened on their first birthday (now 12, 8 and 5) and we have been depositing in regularly since then. Some birthday money has also gone in. The plan is that it will remain untouched until they are 18 at which point they can use it for something important. Because they have seen it grow over the years, I’m hoping they will appreciate it and use it well.

I wish I had have started one when baby was born, even if just 5 dollars a week, for now he would have had a little savings nest. Big regret.

my kids have a bank acc and a money box

My boys all had Commonwealth bank Dollarmite Accounts in the 1980’s & it taught them to save for things they wanted. First it was BMX bikes , then cars & now their homes. I’m pleased we encouraged them to save!

I feel that’s a good idea which will help children learn how to save money from their young age itself.

I would say that they are a great idea
It teaches the kids to save, and the value of money
It also means when they’re older they will have some money that they have saved to buy what they want

Hi my children take their banking ( commonwealth bank) to school every Monday it teaches them how to save , they usually only bank a few dollars, on the recent school holidays they both wanted to purchase something so we went in and withdrew a small amount and they both saw how that makes your bank balance decrease , comm bank also gives the a token every time they bank and when they reach there 10th they pick a prize just an extra incentive to save, you can open a school account and just take it the bank yourself if you want