Paying fees on a small child’s savings account will wipe out any potential gains, so ask your bank if they have fee-free account for kids with no minimums, or if your status with the bank is enough to get the fees waived for them.
In particular make sure they don’t charge a “dormant account fee” which hits you if you don’t put in money within a certain amount of time. If not, consider trying another bank in your area if you have others to choose from, particularly if there is a neighborhood thrift, credit union or savings & loan which are often more family friendly and may offer traditional “passbook” style accounts, as well as signup bonuses or free stuff. INGdirect.com offers a good online alternative to a local branch, with no minimums or fees.
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A LOZO expert posted this tip. |