It's never too early to start teaching kids about money. And what better way to help them hone their financial skills and experiences than by helping them open and manage a bank account?
But if the thought of giving your child free reign over a bank account concerns you, don't worry. One of the benefits of modern banking for kids is that parents can choose the level of control they have over how their kids use (or don't use) the account.
This post will cover three types of kids banking accounts, including their innovative features, pros, and cons, so you can decide which one may be right for your kiddo. Choosing the best bank account can help you set your kid up for financial success while giving you confidence nothing will go wrong.
3 types of kids banking accounts
You can generally break down kids banking products into three categories: banking apps, checking accounts, and savings accounts. Here's what you should know about each:
1. Kids banking apps
Let's start with banking apps because they're the most innovative products for kids. Since they're relatively new to the financial services scene, you may not know much about them. But they offer a slew of helpful features for parents, including:
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Creating chores and automating allowances for kids.
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Setting spending limits for the app's prepaid card.
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Restricting your child from shopping at specific merchants.
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Setting up a savings account that earns parent-paid interest.
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