Open a Bank Account for Kids When They’re Six Years Old

Kids might like a piggy bank, but these banks don't pay interest or send out monthly statements. If you move your child's money to a bank account, they learn valuable lessons about money management. Experts suggest six years old as the proper age to start an account.

Over at Forbes they've got some tips on setting up a youngster's bank account. They've looked at the right age to start teaching money management:

Experts say you can start kids banking as early as ages three to five. They can already start to embrace routine and habits at this point. "The whole idea is getting set up with a regular savings habit," says Neale Godfrey, author of Money Doesn't Grow On Trees: A Parent's Guide To Raising Financially Responsible Children. "Remember when they're little we're starting to teach them all sorts of habits: Brush their teeth, get up on time, put their toys away. We save part of our money, that's a habit too."

But it can make sense to wait until they're a little older and have a meaningful amount to deposit, too. Especially if your bank requires them to keep a minimum amount to avoid fees. Plus, while "it's never too early," according to Lorraine Breffni, Director of Early Childhood at Nova Southeastern University , kids won't start to grasp all that comes with a bank account until age six.

Check out the link for other tips for opening up a bank account for a minor.

Au Revoir, Piggybank: Tips For Your Child's First Bank Account | Forbes

Photo by Carissa Rogers .

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