It is never too early to open a savings account for your child. Starting the habit of saving when your child is still a baby will pay off in the future.
A children’s savings account can be opened in the child’s name, with a parent as the custodian (authorized signer) of the account. As custodian, they are the only one allowed to transact on the account.
To open the savings account, you will need to provide the name and social security number for the child, as well as some basic personal information for you. An initial deposit will be required in order to open the account. At Warren-Boynton State Bank, the minimum deposit required to open a savings account is $25. The account does require a $100 minimum balance to avoid a monthly service charge.
When opening an account for a child, the bank should be located conveniently so that as the child grows, you can take him or her to the bank to learn the process, make deposits and begin to appreciate the value of saving. If your child is excited about saving when they are young, this will be of great value as they grow older and saving becomes an even more important skill. Teaching your child the value of saving early on in life will be extremely beneficial for his or her future.
For information about opening a children’s savings account, stop in at one of our branches in New Berlin, Springfield, Palmyra, and Modesto or visit us at wbsb.net/Personal Banking/Savings-Accounts