Kid’s Savings Account: What You Need to Know

The holidays are coming, which likely means more toys are on the way for kids. Does your home need more toys? More clutter? More stuff? I don’t know about you, but my kids don’t even play with the toys they already have! So, this year, we’re minimizing the toys and directing our dollars towards some better options.

One of the options for parents (or grandparents) is a kids’s savings account. At the holiday time especially, we get so many parents and grandparents opening Buckaroo accounts for the kiddos in their lives. So, we’re sharing some of the most frequently asked questions. Plus, read to the bottom for $25 of free money!

Can a grandparent open an account for a grandchild?

Yes! Many grandparents choose to open a kid’s savings account for their grandchildren to easily deposit money for birthdays, holidays, and other gift occasions. When you visit the bank to open the account, be sure you have the child’s birthday and social security number and you’ll be good to go.

What do you need to open a child’s savings account?

Every bank has different rules about what it takes to open an account, but in general, plan to have:

• Your driver’s license or government ID
• Your social security number
• The child’s social security number
• The child’s date of birth

What are the benefits of a kid’s savings account?

Savings accounts for your kiddos (or grandkiddos) are great for a number of reasons. First, it teaches them about financial responsibility, saving, spending responsibly, and how to manage an account. Those are some of the “adult” benefits, but for the kids, it can be super fun! Choose a local bank that makes savings accounts fun! At Deerwood, our Buckaroos earn a prize when the account is first opened, and they love coming into the bank with their birthday or holiday money to make the deposit themselves. Making kids part of the process will help them be savers for life!

What is a Buckaroo account? 

A Buckaroo account is Deerwood Bank’s child’s savings account. It’s a fun name for our account that offers its own fun features. For instance, when the account is opened, kids get to choose between some account opening prizes. The “Deerwood Tackle Bank” is our favorite way to teach cash recognition and the differences in coins!

Here is a thank you for reading to the end…

From now until the end of 2021, you’ll receive $25 FREE when you open a Deerwood Bank Buckaroo Account with a balance of $10 or more.* That’s free money! Stop by one of our 13 Minnesota locations or visit us online to open an account for all of your kiddos, grandkids, or nieces and nephews.

Teaching kids about financial responsibility is vital for success, but it can also be fun. Starting them off with a child’s savings account can help set a solid foundation of stability, responsibility, and fun!

^{*Children 16 and under are eligible for Deerwood Bank Buckaroo accounts. $10 minimum balance to obtain bonus. $25 bonus will be deposited at account opening. Any bonus amount in excess of $10 may be reported to the IRS as interest. Offer valid through 12/31/2021.}