We're going to open up savings accounts for our kids in the next couple of weeks because their birthdays are coming up and they will get some money for their birthdays. They're 7 and 10 (soon to be 8 and 11). Right now the money they've gotten usually gets stashed away in their room (dd stores hers in the toy cash register). I'd like them to get used to using a real bank, and they're old enough now to actually save for real goals (or ds is).
I was doing some banking today and realized that 99.5% of my banking is done either online or with a debit card. I realized that I have no idea how to teach my kids to manage money if they aren't getting a savings book. I'm old enough that I got an actual passbook where the amount was printed on there each time I did a transaction. When I moved to managing my own money, I had a checkbook.
Do my kids get debit cards? Track their accounts online?