Hi Moms,
My husband and I want to start teaching our son about savings accounts and saving money etc. We are looking for a bank, credit union & savings and loan that have a great child savings program in San Diego. Long time ago when they had passbooks a kid could see how much they had in their savings by looking at his balance in their passbook is there anything like that in existence today? Our son will be 6 and we are also starting allowance. What have you done to teach your child to save? Thanks for any help.
If you or your husband are/were military then check out USAA. They have great banking no matter if it's for young or old. Most banks have a kids program though. As far as teaching about saving, check out Financial Peace Jr. by Dave Ramsey. It is great & we are using it with our 5 year old - he is loving it & learning a lot.
My kids have an account at Capital One - there's not an actual bank in San Diego, I think they are in other states, but they have the best interest rate, and you control your account on the internet, and they also send out statements every month, and my kids like to get that in the mail to see what's in their account. Google Capital One - even my husband and I have an account through them and we like them very much. We started saving money for my kids since they were babies - things like when they got too many gifts for birthdays or when they were babies, they got so many gifts, we returned some of them and put the money in their account, and also extra birthday money. Now they are saving all that money for a car, which is not too far off for one of them.
We started one at Wells Fargo, they have a point system and for each depoit your kid earns points that they can save up to get cool stuff (stuffed animals, soccerballs) Stop in and ask them for a brochure on it. Our daughter is ony 3 so she really odesnt get it, but it gives us a place to put money away for her that we dont touch.
Good for you! I can't help you since I'm not in the San Diego area, (one of my very favorite places to visit though). But we did that with our kids when they were younger and the bank we used at the time had a great kid program and incentives for the kids.
Good Luck
