I keep a piggy bank for my baby. Not just one, but 3. One for bigger coins, one for small coins, and the last one for bills. After awhile, I would count the money we have saved and then I would exchange them for bills and deposit them in the bank. But I don't deposite my baby's money in our account. She has her own savings account.
My baby's savings account is with Maybank, a bank that originated from Malaysia. It is called the Maybank Yippee Savings Account.
Opening an account is very easy. For only $10 initial deposit, we could already open an account with a passbook and ATM card. However, this does not earn interest. Interest starts at $100 deposit, which I think is fair. But what made me really decide was the gift that they gave when one opened an account. My baby got a really nice backpack from them and every birthday, they will also give another gift. I think that is cool.
Plus, my baby's savings goes to her college fund. But since her college funds are due every quarter and semi annually, I don't want to hold on in my personal capacity the money I have saved. I wanted to keep it somehow and at least earn some interest. So this is really a good idea.
Now, all the money gifts that she gets and all the coins that we have all go to her savings account. It is a good idea to keep one for forced savings.
Interest rates, however, as with all banks, is very low. Like half of a percent per annum. I just like their service though and their branch is just across our store so it is convenient for me.