Marin Mommies presents a guest article by financial planner and mom Tanya Steinhofer.
Once my son’s savings piggy bank accumulated a fair amount, it had been my plan to take him to a local bank to open a passbook savings account, so he could experience opening an account, have tangible evidence of his money and watch it grow. I recently began the search for a passbook savings account and came to the realization that this type of account has gone the way of the Dodo bird. For those unfamiliar with this type of account, it’s a savings account that comes with a physical booklet that gets stamped with the amount of deposits and withdrawals (similar to a check register). So I broadened my search to see what type of savings accounts (not investment accounts) are available for kids. I called a few local banks and some national ones with large footprints locally, as well as one online-only bank (ING Direct).