My father created a bank account for each of his three kids when I was maybe 10-11. It was an account that was just "on paper" -- i.e. the Bank of Dad. But a nice feature that he added was that he paid us interest at 1% a month. Now that was back when interest rates were much higher in the commercial world (mid to late 70s), so 12% annually was not wildly greater than we would have gotten in a real bank. But the real reason I think he did it is to teach us about interest. A ten year old can't work out 7.2% interest or 3.6%. But 1% each month was easy, just moving the decimal place over by two places.
Having a real bank account (e.g. with Navy) is a nice step forward no matter whether your kid ever sees it, just so that he gets into some bank's system and has a history with them.
Message 8 of 31
NFCU had us open them for my three children years ago when they had a promo going. $100 per child plus $100 per child for the parent. So they gave us $600 to open three minors accounts. Newborn, 2 years old and 4 year old at the time. NFCU is awesome for the entire family!
Message 9 of 31
@Anonymous wrote:
NFCU had us open them for my three children years ago when they had a promo going. $100 per child plus $100 per child for the parent. So they gave us $600 to open three minors accounts. Newborn, 2 years old and 4 year old at the time. NFCU is awesome for the entire family!
Umm, i going to ask for that tomorrow lol
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