The Dissident Dad – Teaching Children to Save in a 0% World

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At the age of 5, I clearly remember walking into my local Bank of America to open up my first savings account. It was almost a thrill, receiving my small, beige deposit book, where my father noted the first entry: $260.

I had found a wallet on the floor of a hotel about 6 months prior to that. After no one claimed it, the hotel mailed me a check. Perhaps it’s because I’ve always had an interest in finance, but opening up that first savings account is one of my earliest memories. It ended up helping me to become a disciplined saver from an early age.

Moving along, in the late 1990s, I remember opening up a 1-year CD at 6% when I was barely an adult. Looking back, depositing money at a bank made sense at the time. Fast forward to today, and I don’t think teaching my children to store their money in a bank is prudent, or even a smart thing to do.

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