I remember signing up for my first bank account fondly. My mother made it exciting for me and — like some sort of brilliant behavioral scientist — reinforced it with ice cream. I was surprised at how easy the process was to grow vast amounts of money. Of course, interest rates today aren’t what they once were, but a large percentage of kids’ savings accounts do carry interest.

Generally speaking, there are two types of bank accounts available to minors.

“Kids savings accounts” are for preteen children. It is a savings account that will likely allow two withdrawals per month.

According to NerdWallet, interest rates can vary from Capital One’s 0.3% to BECU’s 2.2%. Most kids’ savings accounts also require no minimum balance, and the initial minimum deposit is often just $15.

“Teen checking accounts” are the other account type available to minors. These are essentially checking accounts with parental controls. It’s not clear what types of debits would trigger something like an alert. In case you’re wondering, hotels and airlines require the guest to be at least 18.

What are the best things about teen checking accounts?

There are no fees to avoid and they earn interest. Additionally, the card can be turned on or off at any time and includes an app that tries to “gamify” banking. The highest interest rate I could find for a teen checking account was 2% — but it was a bank I’ve never heard of that uses X as a shortcut to spell its name.

I know plenty of adults who don’t carry cash and feel safer because of it, so it makes sense to extend that protection to our kids.

With those monthly statements, you can compare the actual ledger that comes with the checkbook to the statement. That way you can show your kid the difference between raw information and how it is presented. (One of my pet peeves is how every vendor writes a debit differently.)

Establishing the account is cause for celebration, but it’s not cause to stop the wheels from turning in your kid’s head. You can keep finance at the top of their mind by also establishing a family economy — anything from a simple swear jar to a complex point system. There are many benefits to a family economic system, but the most important is that it encourages children to ask for work instead of money.

Kids will be kids, so you have to make it clear that lots of chores will remain unpaid. While you’ve got your rule-making hat on, you should probably make mandatory savings a thing in your home. I highly recommend making your kids reconcile their account every month. This is everyone’s least favorite thing to do, so if you can make it fun for your kids, they’ve got an advantage in business.

If you’re going to make your kid’s first outing to the bank soon, be like my mother. Get that dopamine flowing with some ice cream.

Good luck!

Judy Heft is the CEO/founder of Judith Heft & Associates, a financial and lifestyle concierge celebrating 25 years in business helping people stay financially organized. She is a certified money coach and the author of “How to Be Smart, Successful and Organized with Your Money.” For more information, visit judithheft.com.

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