Bank of America

For generations, children have learned the basics of money through a savings account. Opening an account in your child’s name can help them understand the importance of putting away money for the future. They can take pride in watching the balance grow, set goals for special purchases and learn the value of compound interest.

Some banks may require children to reach a certain age before opening an account, while others have no age restrictions. Many experts believe that by the age of 9, a child is considered mature enough to graduate from piggybank to savings account.

Before you open the account, you’ll want to check out interest rates, monthly maintenance fees, minimum opening deposit and minimum balance requirements. Please visit our website for more information.