Opening Your Child’s First Savings Account
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It's never too early to start your child on the road to savings. A kid's savings account can help teach your child the importance of money management and responsibility, so that saving money becomes a lifelong habit.

Ashlee Crusco, from the Regions Next Step Project*, says laying the groundwork for her children's financial future has been a point of pride for her and her husband. And getting started was really simple. "We went into the bank, and Maurice, our banker, helped us set up accounts for both the kids, so we have savings accounts just for college," she says.

But opening a savings account for college is just one way to jump-start your children's financial education. Here are a few others:

1. Start early

For toddlers and preschoolers, a piggy bank is an easy first step. Once the money starts to add up or the piggy bank runs out of room, you can open a savings account for minors at a bank.  

2. Know the rules about loose change

Before you head to the bank with a bag of change, though, check your bank's rules regarding coin deposits. Some banks automatically count loose change, while others require sorted and rolled coins.

3. Create a savings routine

Make a house rule to save a certain percentage of all earned and received money. Dividing any money into three buckets — save, spend, and give — can help teach money management skills. Your child will learn that he or she doesn't have to save 100 percent of everything, but paying yourself first is most important. After saving, there will still be room to spend and give money as well.

4. Set savings goals

Your child may not need cash for a rainy day or an emergency, but he or she may want a new bike or phone. Use those aspirational purchases to create financial goals for your kids. Another common savings goal is college tuition. Not only will you educate your child on saving and money management, you'll also be setting the expectation that he or she will get a college education.

5. Grow Money

Seek out a savings account for minors that earns interest, and teach your child how his or her money can grow at a bank. You could also offer to contribute a percentage of the account balance annually, or match your child's savings dollar for dollar.

6. Reward your child

When your child is buying the electronic device he or she saved up for, don't forget to express how proud you are of the accomplishment. You may even offer to pay the tax, or split the cost so your child can continue saving some of the money.

7. Take your child to the bank

Bring your little one to the bank with you to make deposits, and show him or her how banking works. Introduce him or her to the banker, and explain the process of depositing and withdrawing money.

By opening your child's first savings account, you'll give him or her the tools to become a financially successful adult.

* Paid appearance by actual Regions customers telling their real story.

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This information is general in nature and is provided for educational purposes only. Regions makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information presented. Information provided should not be relied on or interpreted as accounting, financial planning, investment, legal, or tax advice. Regions encourages you to consult a professional for advice applicable to your specific situation.