Explain that if you leave all your money in your house, there are risks: it could get stolen, lost in a fire, or you could forget where it's kept. |
Kids take more ownership and pride with money when they have their own accounts. |
You can say that interest is a thank-you from the bank for keeping your money there. You can show them - look, I made an extra two dollars this month, just for leaving my money in the bank. |