I have seen ads for various approaches to this. As much as I like cash, that is no longer where our society really seems to be. Are there any advantages to these past just having a kid's bank account at your bank and doing account-to-account transfers with whatever service the bank offers by default?
Thanks
Personally, I'll probably be going with the Chase account for this, with the same rule my dad had for me: 90% of what I earn is going to savings. 10% is for me.
Why Chase? I'm sure that they're not unique in this, but you can set restrictions as to how much and where they can spend, get alerts, set withdrawal limits, link it to your account, and at least in my area, there are ATMs all over the place. In fact, the ATM thing is the one issue I have with Chase in general - you can only use their ATMs, which for me is fine for basically everything except vacations. For that, I do have another checking account that refunds ATM fees everywhere (How I ended up with 2 checking accounts is not relevant, but at this point it doesn't matter for me, they're not costing me anything).
That said, if I could make a recommendation regardless of the debit card or bank, try to pay your child in cash, and make them go up and manually deposit the cash. The only complaint that I have with going cashless is that it is far easier to spend it if you don't see it. Make sure they're seeing it.
I just set up Lil Stampie with my normal bank and do automatic transfers.
You'll need to log in to post.
