Might not want to do it with a savings account at a bank then. Here's a cautionary tale about a family who took the time honoured route of opening up savings accounts for their kids, only to see them eaten away by the bank and its fees. Yep. There was no accrued interest for these kids. Their accounts were drained and closed by the bank, except for one and hers was severely depleted. Guess you can teach your kids to use a mason jar and shovel. It'll be a lot safer.
7 On Your Side: Money-saving lesson backfires on kids | abc7news.com
7 On Your Side: Money-saving lesson backfires on kids | abc7news.com