Where to Save Your Kids' Cash

Give your child a head start by opening a bank savings or investment account.

A boy and his father count money.
(Image credit: Getty Images)

If your child has gift money from birthdays and holidays or earnings from chores or a part-time job, you may be looking for somewhere to park the cash. (And if your kid expects to work over the coming summer, it’s not too early to think about where the money should go.) Opening a bank or retirement account provides a secure way for children and teens to save money, and you can use it as an opportunity to share financial lessons with them as well. Consider these options. 

Set up a bank account

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Ashlyn Brooks
Kiplinger Contributor

Ashlyn Brooks is a financial writer and former civil engineer. She's on a mission to show others how to save and spend smarter through purposeful money habits. Her work has been featured on Investopedia, Bankrate and Yahoo Finance.