Evolve Bank & Trust discussed savings-related gifts for children and grandchildren in guidance published on October 26, 2022. The article presents a financial gift as an opportunity for a family member to explain saving and account management over time.

A joint savings account is one option in the guide. Evolve describes an arrangement in which the adult and young person are both named, allowing the adult to help with deposits and oversight as the child learns to manage the account.

The article also discusses a certificate of deposit as a way to connect saving with an agreed term. Its examples include periods of 30 days, six months or a year, using the waiting period to illustrate the time involved in saving.

For a larger gift with more detailed conditions, Evolve identifies a trust as another structure to discuss. The guide connects each option with the donor’s aims and with conversations about adding future birthday or holiday money to savings.