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Savings Accounts for Babies and Children

Does Your Baby Have a Savings Account?

One parenting task is to teach children how to budget and save money, but most moms and dads take savings into their own hands in the beginning. Many open a bank account for the child when they are an infant, while others may wait until the child is a bit older before stowing away the cash.

Despite your personal views on getting your tot started financially, the government is considering making the first deposit into your babies savings account by giving all newborns born in the United States a $500 contribution, which could later be used for education, a first home, or retirement. If passed by lawmakers, the America Saving for Personal Investment, Retirement, and Education (ASPIRE) Act won't be in effect until 2010, so all wee ones born before then will have to fill their accounts the old way.

Regardless of government intervention in the future, do you already have a savings account started for your baby?

Source: Getty
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