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First Bank Account

Today my little guy – Caleb – is turning seven!  Lately, he’s been asking if he could open up his own bank account.  Since he was three years old he’s received a weekly allowance divided between four piggy banks named SPENDING, SAVING, SHARING and SCHOOLING.  We thought a bank account would be a great way to use the money from his SAVING piggy bank as a way to teach him about electronic banking.  After looking into several banking options we decided to choose the bank that my husband and I use.  For convenience purposes it makes it easier for us and they also had a great account with no transaction fees for kids up to and including the years they are registered in post-secondary education.  Caleb emptied his SAVING piggy bank and counted out $27 dollars.  We took him to the bank and had his new account set up and he was very proud to make his first deposit.  We explained to him that for keeping his SAVING money in the bank, he would receive interest every month and the bank would keep his money safe until he decides what he would like to purchase with it.  He was so excited when he received his first bank statement to see that he received some interest on his $27.  He’s already got plans for his birthday money and decided which of his four piggy banks he’s splitting it between.  Much of it went into his SAVING piggy so I guess we’ll be making another trip to the bank to deposit it!