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Your Child’s First Savings Account – What to Know

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Your Child’s First Savings Account – What to Know

Posted On: January 27, 2023 by Exchange Bank of Northeast Missouri in: Save Money, Savings

Saving is a skill that will serve you well at any point in your life. It is extremely important to introduce the concept of saving and budgeting to your children early on in life. Opening a savings account will not only help with teaching them this concept but will begin their savings journey. Keep reading to learn about what you need to know when opening your child’s first savings account.   At What Age Can My Child Have a Savings Account?   A child can generally have a savings account at any age. Yes, your child as a baby can have their own savings account. As their parent or guardian, you can open and manage their account until your child is old enough to manage their savings account on their own.   What Should I Know When Opening a Savings Account for My Child?   Opening a savings account for your child is no different than if you were to open a savings account for yourself. As you would for your own account, you’ll need