The time has come for Ryan to open a savings account.

Posted by Ryans Dad on 14th February 2010

Ryan's money boxUp until now any money Ryan has managed to accumulate from his Work Builders business or the catalyst Lemonade Stand he and his brother ran last summer, has been kept in a shiny “money box”, a very nice jewelry box his mother gave him. After discussing it off and on over recent weeks, Ryan and I headed off to the bank so he could open up his very own savings account!

With his money box in hand Ryan was excited to head into the bank. Given his choice of what bank he would like to use, he chose the bank closest to our house so that “we can get there fast if we need to”. As we walked into the bank he also commented he was glad to finally see what the inside of this bank looks like. We drive past it all the time.

Ryan prepares to deposit some money.

Ryan prepares to deposit some money.

Once inside we waited a few minutes and were then helped by a nice lady named Gigi. She explained the details of the “Starter” savings account which Ryan would have and we took care of the paperwork. After considering his options carefully, Ryan decided that an initial deposit of $10.00 would be good and so it was.

So now with his savings account in place, Ryan likes that his money will “grow” in the bank. Hopefully he won’t be too disappointed when he sees what that really means with a small deposit and frighteningly low interest rate. But he is learning some lessons about how to handle money and that is a good thing. Plus it counts as an achievement for him as a Cub Scout too, so he’s got that going for him…

As we exited the bank Ryan’s naturally inquisitive nature drew him to the impressive large metal vault door. Unwilling to leave without at least a rudimentary understanding of what that was and how it worked, his curiosity was satisfied by another helpful bank employee who offered him a quick look inside and brief description.

All in all a good learning experience for Ryan. Now he knows where to keep his money safe!

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14Feb