Opening a Savings Account for Baby

While the little one is sleeping, I’m going to try to catch up on my blogging!

On Saturday, I managed to sneak out of the house for an hour — okay, I really didn’t “sneak out” — and left 5-week-old Baby Frugalista home with Daddy so I could head to our local bank and open up a savings account for our daughter. She’s gotten some generous cash gifts from family and friends, so I wanted to start her on the road to saving. And who knows how much college will cost in 18 years!

I needed her birth certificate and Social Security card to open the savings account, which is especially for children under 18. I’m the custodian of the account, so both our names are on it. The account gets better interest than the one for adults! It’s still only 1% interest, but that’s better than the paltry .65% we’re getting. The bank associate even gave me a gift bag for the baby, a little green piggy bank, and a coloring book with crayons. Obviously, she’s too young, but it was nice of them.

So now there’s the start of a nice little nest egg, and we’re going to keep it growing by making a deposit every month.

Did you open a savings account for your child right away? How long did you wait to do it?