70 Answers

My children saw an ad on TV the other night about bank accounts at school. We don’t have those at our school but it did make me wonder whether I should set up a bank account for my kids. I always thought it would be more hassle than it was worth. Does it encourage saving (my kids seem to spend every cent they get)! What do other mums do?

Posted by NicNacNoo, 9th October 2014

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  • My eldest 2 have a bank account, they’re teenagers. My 16yr old daughter always spends every cent, whilst my 15yr old son is excellent in saving his money. They’re all different.

  • It didn’t encourage my kids to save because I was the one putting money in their bank accounts. They came in handy when the kids moved out though. My daughter used hers to buy a car and odds and ends for her unit. My son spent his on items he needed to head to Wagga Wagga for his army training.

  • Just wondering if you did open bank accounts for your children?

  • I think it would teach your children to save some money.

  • yes, yes, yes, especially if you can take your kids to the bank and let them put their own money in – it is fabulous life skills

  • Both my kids have bank accounts and did from when they were under 1, you just never know when the money will be useful, weather that be when they are older or younger :)

  • Normally the CBA pops around to primary schools introducing and encouraging children to save which they have been doing for a long time . It is defianatly a worthwhile and not a hassle . Why , its because the kids learn how to save themselves , and it is an essential tool to start budgeting . My son is 15 , works casual at maccies and know the benefits of his hard earned cash and how banks work . Never too early to start .

  • I opened bank accounts for my 2 when the eldest started school. They took them in every week of school and banked whatever money was supplied. They used this money to set themselves up when they were old enough to move out of home. Brilliant idea!

  • I opened an account for my daughter when she was born and put any money in it that she has received for birthdays, Christmas, Easter etc. I also put a monthly amount in. When she is old enough to understand I’ll let her spend some of her birthday money etc but encourage her to put some in her account. She already has a money box so tooth fairy, money she has earnt etc can go in. I heard money boxes are good for encouraging savings

  • I have one for my daughter and put some money in each week and then when she is older not sure what age maybe 21 I will give it to her and then hopefully she will use for a deposit on a house or holiday.

  • I opened accounts for my kids when they were quite young.
    I put their birthday money into it and any savings that they wanted to add from their chore money/pocket money.
    It helps them to learn to save and as I was the signatory, they couldn’t take money out.

  • Yes my kids both have bank accounts. They do it through school banking and put in $1 each week. It’s definitely worth it.

  • I have set up accounts for both of my children, it came about as an interstate relative wanted to put some money in my daughter’s account for her birthday when she was only 2yrs. Since then I opened an account for my son when he was born and both account have $1 a fortnight put in them to keep them active and earning interest (yes, I know it’s not a lot). So now when they are older they will have an account ready for action. At present they both have money boxes and my daughter now has a purse (9yrs) that she put birthday money etc in and takes it on visits to Grandma’s so she can have it for shopping (limited to $10-$20 in purse). My children see their bank statements and notice that they are saving money as the balance goes up. They have nab children’s accounts which does not have fees. They do not do the school banking as I cannot commit to cash each week, I often don’t have any on hand as I do most money transaction electronically now days (except my morning coffee when I get to work – that’s def cash :) )

  • Great question. I started one for my 2 year old b he doesn’t get much money and doesn’t earn pocket money yet so it isn’t worth it maybe when he is a bit older.

  • Also; banks will give kids money boxes for saving money. A good way to save and then bank.

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