1. Kiddies BankA financial Institutions good for your children Johanna Louise B. Neri

2. Savings Account Bank savings accounts shows your child some every important money managements elements. These concepts underlie any type of investment decision's she’ll make throughout her life. Two types of bank savings account exist : Statement accounts Passbook accounts Some checking accounts pay interest (these may be called NOW accounts.) However, these accounts aren't designed for savings; They’re used to write check's to pay bills The interest is only an extra feature of the accounts

3. Checking accounts Most of us are well aware of the importance of creating budgets and plans for our personal finances. However, sometimes we forget that we also need to teach our children about planning and budgeting. More from Investopedia: Your First Checking Account The Evolution Of Banking

4. Mortgages The long-term financing used to purchase property is called a mortgage. The property itself serves as collateral for the mortgage until it is paid of. A mortgage usually requires equal payments, consisting of principal and interest, throughout its term. The interest is calculated on the outstanding principal balance that declines as payments are made.

5. Certificates of Deposit A certificate of deposit is a promissory note used by a bank. It is a time deposit that restrict holders from withdrawing funds on demand. Although it is still possible to withdraw the money, this action will often incur a penalty.