ohiominnie said:bingo. got the kids set up with their own ING direct accounts!!Getting their money out of their lousy local bank account (which earned them less than $1 in interest last year) and into something better. (3.80% instead of 0.45%) Showed them on a financial calculator what their money could be doing for them and they are now excited about saving it!!!
Allowance money can now be directly transferred from our account to theirs--which is nice b/c we never have cash!)
We are in the process of closing there bank accounts and putting both those in a credit union account so they can always have it, we want to take them and let them deposit there allowance so they can learn what it is about.
Last year I painted jars for them and wrote vacation and fun things on them and they saved there allowances to spend in AU in summer, we then gave them the equavilent in AU$$ and deposited the money here for them.