https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Fri, 24 Apr 2026 10:10:31 +0000 https://boards.hellobee.com/topic/whenhow-will-you-give-lo-access-to-their-savings-account#post-735775 Mon, 22 Apr 2013 23:38:39 +0000 sunny 735775@https://boards.hellobee.com/ <p>I'm thinking of opening up an account with local branch access so that we can demonstrate going to the bank, depositing money, withdrawing money, etc. I went with my Mom as a kid and thought this was interesting. I think we'll give our LO (nearly) free reign over this account, but there won't be a substantial amount here. </p> <p>When she is around 14, I would hope she is responsible enough that I can trust that she can carry around her own bank card and deposit/withdraw money on her own. At this point, I hope that I can trust that she can make smart spending decisions. </p> <p>With the rest of the money that belongs to her, I think we'll hand it over when she's in college. While I really hope she gets scholarships, I doubt that it would cover 100% of her expenses, so I think she'll need it then. </p> https://boards.hellobee.com/topic/whenhow-will-you-give-lo-access-to-their-savings-account#post-735755 Mon, 22 Apr 2013 22:50:07 +0000 ladyfingers 735755@https://boards.hellobee.com/ <p>We have 2 basic account concepts for LO. One we are putting a set amount into every month and gifts where the check is made out to us, and we're gifting that to him when he's 18. It should have a substantial amount of money in there by then and we don't want him blowing it when he's a teenager. The second will be an early saver account that earns 6.99% on amounts up to $500. This will be his account we teach him to use once he's old enough so he can learn about interest, etc., and where we're depositing checks made out to him. He can spend that money if he wants but we have oversight so we can veto.</p> <p>Basically we are putting all money in the early saver account right now, then when the balance hits $1000, putting $500 into a long-term CD. Then we will just keep doing that and rolling CDs into CDs to maximize the interest we can accumulate. Once he starts contributing to the account on his own we'll start putting aside our contributions elsewhere.</p> <p>It seems weird to keep one account "secret," but I was a terrible saver until very recently and I would have spent that money really unwisely if it were me, so I'm hedging my bets lol. </p> https://boards.hellobee.com/topic/whenhow-will-you-give-lo-access-to-their-savings-account#post-735499 Mon, 22 Apr 2013 19:49:35 +0000 Bao 735499@https://boards.hellobee.com/ <p>We have a general savings account for LO and will let her have it once she starts college. </p> https://boards.hellobee.com/topic/whenhow-will-you-give-lo-access-to-their-savings-account#post-735436 Mon, 22 Apr 2013 19:16:21 +0000 yourekindapretty 735436@https://boards.hellobee.com/ <p>we're putting the bulk of their money into a 529 (actually, her grandparents are) and this account will be handed over once they pursue higher education.</p> <p>all other monetary gifts (ie christmas, birthday etc - &amp; assuming the amount is less than $100 anything above that will go into their savings - which we will also hand over when they go to college) we'll let them keep and spend.... </p> https://boards.hellobee.com/topic/whenhow-will-you-give-lo-access-to-their-savings-account#post-734292 Mon, 22 Apr 2013 12:05:51 +0000 fancyfunction 734292@https://boards.hellobee.com/ <p>We started a savings account for her and are going to set up a 529 as well. I had a savings account as a kid but couldn't access it until I was 18 I believe. At that point, I was smart with money and keep adding savings towards it. That's our plan with Lady M. </p> https://boards.hellobee.com/topic/whenhow-will-you-give-lo-access-to-their-savings-account#post-734221 Mon, 22 Apr 2013 11:46:41 +0000 tysonja 734221@https://boards.hellobee.com/ <p>all his substantial gift money goes into his RESP (canadian version of the 529) and will continue to. When he is older and would be able to 'spend' and 'save' bits of his money (maybe around 8?) we'll let him open a savings account and put smaller gift amounts (5$, 10$, 20$) into the account, so he can save up for things etc. </p> https://boards.hellobee.com/topic/whenhow-will-you-give-lo-access-to-their-savings-account#post-734134 Mon, 22 Apr 2013 11:17:23 +0000 littlek 734134@https://boards.hellobee.com/ <p>We are putting everything into 529 plan, so not really an issue. </p> https://boards.hellobee.com/topic/whenhow-will-you-give-lo-access-to-their-savings-account#post-734124 Mon, 22 Apr 2013 11:13:16 +0000 illumina 734124@https://boards.hellobee.com/ <p>I never had a "savings fund", I don't think I really was given many monetary gifts and if I did I probably spent them as and when they arrived. My parents helped me to open a savings account when I was around 7 or 8 and I had complete access all the time. I used to put my pocket money in there and sometimes I would let it build up and sometimes I'd spend it. I guess my parents kept their savings for my college tuition etc. in their own accounts and paid for things when I needed it. I thought it was really useful to be able to manage my own savings from an early age as it's made me pretty good with money as an adult. I think I'll probably do the same with our LO's. </p> https://boards.hellobee.com/topic/whenhow-will-you-give-lo-access-to-their-savings-account#post-734118 Mon, 22 Apr 2013 11:09:04 +0000 Mrs. Jacks 734118@https://boards.hellobee.com/ <p>Everything goes into our 529s, so they won't be seeing the cash until college. </p> https://boards.hellobee.com/topic/whenhow-will-you-give-lo-access-to-their-savings-account#post-734110 Mon, 22 Apr 2013 11:06:04 +0000 pui 734110@https://boards.hellobee.com/ <p>I wouldn't until they were making a big purchase, like a house or college. </p> https://boards.hellobee.com/topic/whenhow-will-you-give-lo-access-to-their-savings-account#post-734097 Mon, 22 Apr 2013 10:59:58 +0000 SugarplumsMom 734097@https://boards.hellobee.com/ <p>This is a spin-off of a spin-off by @sunny :)</p> <p>If you're saving money for your LO via gifts, allowance, etc., will you give them access to the money all at once when they reach a certain age? </p> <p>Monetary gifts over the years add up to big hunk of change! How will you deal with giving it to him/her? Will you have contingencies on their access to the money, like only if they finish college or when they finish high school? </p> <p>I'd love to hear your thoughts because I'm trying to figure out the best way to handle this. </p>