Some clarifying ...

So on the savings/checking accounts I was talking about in the previous post:

These two accounts are separate.  Most (if not all banks) do not allow checking accounts for kids so the checking account is really just an account you create for the purpose of paying them their reward (aka "family bank", does not have to be a real bank account - we are the bank).

All you need for this is a check register and then write their beginning balance at the top of the register.  Each child has to have one, otherwise we wouldn't be able to keep track of any ins and outs.  As far as the checks are concerned, I think the whole idea is to use as realistic a check as possible.  So, for us, the kids will be using old checks (from old accounts we no longer use).  The only way I found to get their names imprinted on a check is to order checks from an account you opened yourself, add their names to the face of the check (the second optional line used for joint account holders) and then close the account if you have to.

Now for the savings account - the kids each got their own account.  They were so excited to get one and felt "older" signing papers at the bank.  We will match (a percentage) for every $1 saved.  The savings account is for college/mission/car.  Allie's already thinking of ways to spend her new money, and we have to keep explaining that $ in her savings account is not to be spent on things other than the big thing/s she is saving for.  She doesn't like that!  However, $$ in her "checking account" can be cashed or used to purchase anything she wants (within reason, of course. We still have rules, like, no hamsters, or other new pets).

So to recap:  Each child has a savings account (real) and a checking account that draws $$ from your own newly established family bank.