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Are they too young to open an account?
Teaching children how to manage money is critical to ensuring their future economic success, and as parents you can begin with the easy step of opening a bank account in your child's name. However, even as adults you have trouble handling your finances, so it is not surprising that you may worry about overwhelming your children too early on with a bank account or debit card.
What is the right age for a bank account?
The appropriate age for a bank account is mostly up to you as the parent. Savings accounts for your child's college education or future career can be started at practically any age. Savings accounts do not involve everyday use, the benefit here is more financial than educational.
Typically, Scotiabank will provide a debit card for minors age 12 or older. Once your child turns 18 years old, accounts automatically a standard account, which usually comes with slightly higher monthly fees than student accounts.
Scotia OnLine makes it easy to manage money to monitor the student account's balance and transaction history.
What will your child learn from having an account?
Opening an account for your child allows you to teach your them everything - from using a debit card, to larger concepts like monthly budgeting.
Using a bank account provides children with practical knowledge. With money involved, the stakes are clear and immediately relevant to a child's life.
Giving your children a place to make mistakes in a controlled setting will equip them with the habits and information they need to grow into financially stable adults.