If your teenaged daughter was recently hired as a cashier for a local grocery store, you may be concerned about how she is going to spend her money. If your loved one is interested in purchasing a car or saving funds for college, opening a savings account for your child will assist with reaching her personal goal. Take your daughter to the bank with you to open the account and help her create a financial goal.
Different Branches Have Different Rules
Some banks have rules pertaining to the age that a person must be to open an account. In addition, a savings account will yield interest, but this amount will depend upon the particular bank and the amount of funds that are in the account. The main objective is for your daughter to save as much as she can so that she will have plenty of cash on hand to handle financial matters that she is faced with.
Of course, your daughter will also need to have spending money that she can use now. Before you both head to the bank, wait on your loved one to receive her first paycheck and casually bring up the topic of opening a savings account. If your daughter is apprehensive at first, use your savings strategy as an example.
If you have saved money over the course of several months or years to purchase a high ticket item, describe how you met your goal. A success story like this can encourage your daughter to open an account, and she may see how it makes sense to deposit money into an account that will grow in size as the months pass.
Features Will Be Discussed
When your daughter has her first paycheck and is ready to go to the bank to open a savings account, make plans to accompany her. A bank teller or customer service representative will explain how the savings account will work. Your daughter may be charged a penalty if funds are withdrawn or there may be a limit to the number of withdrawals that can be made within a specific timeframe.
Help your daughter decide upon an amount to deposit. The additional money that she keeps for spending can be used for necessities or items that she wishes to purchase. Encourage your daughter to make a deposit each time that she gets paid. Help her balance her ledger and review her bank statements so that she can see how quickly her money is accruing.
For more info about this, contact professionals in your area.
Share21 October 2019
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