Which is the best current bank account for a 12 year old?
My 12 year old would like a clothing allowance! as a part of this she will need probably a bank account. which accounts have you found best?
Answer
Try to setup an account for minors at your local bank. it is kind of like a college savings plan with out all the tax burdens. try going to www.collegebound.com you may wanna set up a holiday or club account. you and your kid go the the bank on regular intervals and make deposits. when a holiday like x-mas come around, they could withdraw the money and buy that special thing they always wanted. it will teach them the value of money and also teach them how to budget for the future.
