Bank account for my children...?

Question

I want to make an bank account for my child that he's underage (15 years old) and put in that account money penny by penny and when he grows up he could a good start in life.

Now ... i don't know how this thing called that when you put money in a bank they will grow it for you if you live it there and what's the minimum limit money of opening an account?

Answer 1

Well my son is 2 and I am going this week to open him a savings account.  Same reason for us too.  We just went or called around to different banks and learned how they worked.  Good luck because I know I didn't help you that much, sorry.

Answer 2

My grandpa opened an account at a credit union for my kids, and we get a way better rate than banks will pay.  

Answer 3

Bank accounts usually pay very little interest, so starting a savings account might not be your best option.  If this money is to be used in the future, you might talk to an associate at the bank about CD's or Government Bonds.  Both of these will offer a better return than a savings account and are can both be purchased as short term investments so they will be available when you need them.  Good Luck.