What... (i.e. camp, dance class, birthday party)
Pick a NYMetroParents Region: All Regions   Manhattan    Brooklyn    Queens    Westchester    Rockland   Fairfield    Nassau    Suffolk  




     Home  >  Articles  > Finance & Insurance
by Lauren M. Rush


Teaching children to make responsible financial decisions is an ongoing, worthwhile process. Starting when they are young will help them establish good habits that will last the rest of their lives.  Many banks in our area offer programs for the littlest investors, encouraging them to develop these saving habits — and perhaps to begin early to build their nest egg.  Following are some options:

• Bank of America has a custodial account with a $25 minimum deposit, no age limit, and a current interest rate of .20%.

• Capital One Bank has a Minor Savings Account for children from birth to 17 years, which requires a minimum opening deposit of $5, has no minimum balance or low balance fees, features a current interest rate of .25% on balances over $100, and offers a free ATM card upon request. Capital One waives monthly cycle service charges for accountholders under 18, and minors earn interest on all balances.

• Chase offers a custodial account for those under age 18. It is owned by the minor but controlled by a custodian. The minimum deposit is $25, the interest rate is 1% on balances up to $9,999, and there are no monthly service fees. Chase also has speakers who will make presentations about savings at schools, upon request.

• Citibank also offers a custodial account, which is owned by the minor but controlled by a custodian. This type of account is for children under 18. The interest rate is variable.

• Commerce Bank offers both the Young Savers Statement Savings Account and the Young Savers Passbook Savings Account for children newborn to age 21. There is no minimum deposit and the interest rate is .25%. Other child-friendly amenities include Penny Arcade, a special location in the bank where they save change and children win a prize if they can guess the correct amount. On the Commerce website, there is a section called CommerceWowZone, with sections geared for parents, educators, teens, and children. For teens, it presents information about investing in the stock market; for children, it has games that teach about savings in a fun way. Commerce Bank also sends representatives to schools, upon request, to educate children about saving money and to encourage them to start a savings account.  

• Wachovia Bank offers a Personal Savings Account for children under 18, with supervision by the parent, with a minimum deposit of $500, an interest rate of .05%, and an ATM card upon request. There are no monthly fees.

LAUREN RUSH is a freelance writer and editor living in Westchester with her husband and four children.  She has written articles on health, education, parenting, and business for various magazines.

Be the smartest parent in the 'hood

Receive our weekly highlights newsletter · Over 1,000 local activities

More Finance & Insurance Articles

Alternatives to Overindulging Your Child
Moments of Meaning During the Holiday Rush
Holiday Concerns for Special Needs
Money Lessons: Teach Your Children Well
Birthday Parties at Home: Are they Budget-Friendly?

Be a good fellow parent and share this with a friend who would be interested
Email Friend

Local Finance & Insurance Sponsors

New York Tutition
New York, New York
347-403-9698 / 347-403-9NYT
New York Tuition services those in the Greater New...

Robert N. Kandell Insurance & Financial Services, LLC
East Quogue, NY
All Your Insurance Needs Insurance protection doe...

Island Federal Credit Union
Hauppauge - Hicksville - Sayville
Island Federal Credit Union is Long Island?s secon...

Delores Clemons Agency Inc. (State Farm)
562 Kimball Avenue
Yonkers, NY
(914) 663-6688
Our mission of our office is to help our policyhol...

MVI Mortgage
25 Rosemere St
Rye, NY
MVI Mortgage: Lowest Rates and Simplest Process i...
See Our Finance & Insurance Directory

local zones


Nassau cont.


Suffolk cont.


Westchester cont.



Rockland cont.


Queens cont.


Brooklyn cont.


Copyright 2015 NY Metro Parents Magazine Site Design: THE VOICE