Kids' saving account incentives?

[familydisney]

My boys just earned their first summer job money and want to open accounts. We are all for that, but I have heard there are many financial institutions that offer incentives for kids to sign up. If you know of any because your kids signed up or it's at your bank, I'd love to hear about the different options before they make up their minds. TIA!

 

[allison443]

I think you should post where you're located...my kids bank at TD Bank (used to be Commerce) and they gave the kids prizes, lollipops, and had a free coin counting machine, but I don't know if they are in your area...

 

[reagan75]

We are in Oklahoma and both my children have a Kid's Millionaire C.D. They get a highr rate of interest earned plus you can add up to $1000.00 a year in different increments/times. So, any time they have a chunk of change we just add it to the C.D. since they won't be touching that $ anyway. They each have a savings account too with a smaller amount in it. With that they got a card and once they deposit 5 of each denomination (five 1's, five 5's, five 10's, etc.) tehy get a punch on their card and receive a prize. They also send them contests for photography, essays and such for $25.00 gift cards. They get a prize on their birthday too.

I suggest you call around and see what each bank or credit union may offer.

 

[familydisney]

I'm in Colorado. That's a good point as there are definitely banks in only some areas. Thanks for the help!

 

[SKWDW]

My boys just earned their first summer job money and want to open accounts. We are all for that, but I have heard there are many financial institutions that offer incentives for kids to sign up. If you know of any because your kids signed up or it's at your bank, I'd love to hear about the different options before they make up their minds. TIA!

Do you belong to a credit union in CO? We belong to four different CUs in three states and each has special incentives for kids to sign up for new accounts. IMO a credit union is your best bet.