The best way to develop good habits is to start working on them early. That includes helping your kids make good financial decisions when they’re older. While a piggy bank is great when they’re really young, opening a savings account when they get a little older – around 8 or 9 – is a great way to involve them in their finances.

There are a few things you’ll need.

Number one, is you. No one can open a savings account on their own until they turn 18. Luckily, a parent or legal guardian can have joint ownership with their child on a savings account and help them manage it until their 18th birthday.

Second, you’ll need to bring some paperwork with you: 

  • A copy of your child’s birth certificate and social security card.

  • A picture ID for you, such as a driver’s license or passport.

  • Your social security card or another 2nd form of ID.

  • An initial deposit (cash, checks) as required by the bank

Next, make it fun for the kids! When you decide to open a savings account for your child, call your bank ahead of time and let them know what you’re doing. Ask if they can take a tour of the bank, let them meet the tellers they might see on future visits. Let them hold the money they are going to deposit so they can be involved in what’s happening. This will all help get them more excited about what’s happening.

Keep them involved once the account is open. Let them see the money in the account grow. Let them keep a “checkbook” where you can keep track of things with them.

They may not care a ton about bank statements now, but as they get older, they can continue to become more involved with the management of the account and develop good financial habits.

When they get their first jobs, they will be learning about taxes. When they have their first email accounts, they should be aware of financial scams and schemes that seem too good to be true. By starting their financial education when they’re young, they’ll gain both confidence and savvy when it comes to making sound decisions.

One other thing; keep the piggy bank, especially when they’re young. Let them continue to store money in it and then make a regularly scheduled trip to the bank to deposit what they’ve saved. 

As for what kind of account to set up, we suggest the RiverWind Bank regular savings account. To learn more, visit or give us a call  in Searcy at (501) 278-3080, (501) 278-3085, in Beebe at (501) 491-0525, or in Augusta at (870) 347-2511, to schedule an appointment for you and your kiddo!