“Chains of habit are too light to be felt until they are too heavy to be broken.” -Warren Buffett

Kids Bank Accounts

Today I'm writing about kids banking! Do you have a bank account for your child(ren)? If so, what do you love or hate about it? I feel like we are getting closer to needing them but so far the kids each just have "accounts" on the Rooster Money app.
We designate 10% of what they earn for giving and 10% for saving when we add the money to their account. The girls get paid weekly for chores beyond the minimum that is expected for being part of our family. The price we pay for chores ranges, they track themselves and have to report to me why they should get paid and how much each week based on their effort. I pay for things like help with folding loads of laundry, cleaning bathrooms, taking the dogs out to play, cooking and so on. I don't pay for putting away their own clothes, unpacking book bags, tiding up after themselves, which we consider basic requirements.

They use Rooster to create goals and save for certain things. They have
the app on their phone (an old phone of ours they use for games), so they can check their balance and we (my hubby and I) are linked so we can add or remove money from the kids accounts. When they get cash from grandparents or birthdays, etc we put it all in there. It is so useful as we don't have to worry about lost cash and can do online purchases, etc this way. We just remove or add to the account as needed.

This article compares and contrasts many of the accounts. It's shocking how terrible the interest rates are for banks youngest customers. They have a potential to gain YEARS of loyalty from kids, if they can get them using their services! But I guess it's still better than the interest we pay our kids via rooster (we don't)...

What do you use? How is it working for your family? Have you found your needs changed over time?

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