Why My Kids Had Bank Accounts Before They Could Say 'Bank Account'

I don't in any way regret opening those accounts when my kids were babies.

Key points

• Some people don't open a bank account until adulthood.
• My children have had bank accounts since they were infants.

The weeks following my oldest child's birth were very overwhelming. I remember having to juggle a newborn plus my job, and also trying to keep the peace between my new baby and my not-so-new dog, who apparently wasn't a fan of small children -- something we didn't know until we had them.

During those early weeks, I was blessed to have people in my life who stepped up in different ways -- running to the supermarket when I needed my fridge restocked, offering words of support, and showering my son with gifts.

See, I never had a baby shower, or any type of shower. While I'll attend someone else's, it's not something I ever wanted for myself. As such, gifts for my son started flowing in after he had arrived. And some of those gifts were of the cash variety.

I immediately saw an opportunity -- and no, it wasn't to pocket the cash myself (though seeing as how we were spending a small fortune on diapers, that would've been nice). Rather, I decided to open a bank account for my son and deposit the checks I received. A few years later, when my twin daughters were born, I did the same thing. And I think it's one of the best decisions I could've made.

A solid bet for safeguarding money

My husband and I have been saving and investing money for our kids' education since they were born. At the same time, we like the idea of them having money of their own for when they get a little older. That's where their bank accounts come in. 

The fact that my kids have had theirs since infancy means they've had a chance to earn interest on that money for many years already. Granted, that interest isn't much to write home about. But it's still something.

But more so than that, another part of the reason we opened bank accounts for our kids was to stay accountable. Through the years, we've gotten small checks for the kids from family members during the holidays or for their birthdays. And we don't want to mix that money with ours, because we feel that since it was earmarked for our kids, they should get all of it. Having dedicated bank accounts makes it easy to ensure our kids get the money they're entitled to. 

Plus, my son has been getting an allowance for years, while my daughters just reached the age when they're eligible for one (and yes, it's my husband and I who determine said eligibility, but as parents, we figure that's our right). Having bank accounts means that we've been able to just transfer money into their accounts rather than have to come up with cash every week -- cash that my kids could easily blow or misplace. 

It pays to start them young

Clearly, I had my reasons for opening bank accounts for my kids before they were old enough to know what those words even meant. But now that they do know what they mean, my kids really appreciate seeing their savings accounts grow. And while my daughters are still a little young to understand the concept of saving up for big things, my son gets it. He's already decided to save some of his money to take his family on a trip. 

Granted, I'm not sure we'd ever let him do that (namely, because we'd feel guilty), but the point is that he understands the idea of socking money away to meet a specific goal. And having a bank account really fuels that understanding.