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I want to
keep my child's bank savings account separate from
their KidsSave™
Account. Is this okay? Of
course. What kid wouldn't want to have more
than one savings account! There are a couple
of things you need to keep in mind, though.
The first is that any scenarios your child
experiments with in the What-If section of KidsSave
will reflect only what they have saved in their KidsSave
Account...not all they money they have. Also,
since these accounts will be separate and KidsSave
is a virtual savings account, at some point your
child is going to want to withdraw money. When
this happens you need to make sure that you have the
hard cash to pay them since they probably won't be
withdrawing money from their real bank savings
account. For
tips on how to organize this see
How do I pay out my child when he/she needs to make
a withdrawal?
A great benefit to having the ability to set up
different accounts is that anyone can set up a KidsSave
Account for your child...grandparents, aunts, uncles,
friends...regardless of whether the child has a bank
savings account or even another KidsSave
Account.
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