Best Piggy Banks And Alternatives For Kids To Save

best piggy banks

Saving money is one of the most important financial skills kids can learn. The act of choosing to save money isn’t always easy, especially when there aren’t any short- or long-term incentives. 

A practical and hands-on way to start saving is with a piggy bank. If you are looking for an opportunity for kids to save, getting a fun piggy bank is a good place to start. What’s a fun piggy bank? It’s one with special tools and features designed to make saving a treat for kids.

Let’s explore some of the best piggy banks out there. Plus, why savings accounts are also a helpful tool for kids learning to save. 

Best Piggy Banks For Kids To Practice Saving

The best piggy banks make saving money an attractive proposition. After all, saving money is a skill that is learned and eventually becomes a habit. 

Here’s a look at some of the best piggy banks to help your kid practice saving. 

Digital Piggy Bank

Digital Piggy Bank

Adding coins to a piggy bank is exciting, but taking them all to count can be a chore. Kids, like adults, want to know exactly how much their savings are worth, especially as they work towards the goal of buying that coveted toy. 

This digital piggy bank makes it easy to track how much their savings are worth. As your child saves, the coin slot will determine a grand total. If your kid has an end goal in mind, this can be a helpful tool for them or just serve as motivation to keep going.

Toy Story’s Hamm Piggy Bank

Toy Story Hamm Piggy Bank

The “Toy Story” movies tend to make a lasting impression, and if you recall, a popular character  is Hamm, the piggy bank. 

With this plastic piggy bank, kids can tuck away any size coin. When it’s time to retrieve the funds, Hamm’s removable head makes the process easy. 

Panda-Stealing Money Bank

Panda Stealing Money Piggy Bank

An adorable panda is a key feature of this money bank. When you place a coin in the right spot, a panda will poke its head out of the box to save it. The bank can save up to 40 coins to help your child get into the habit of saving.

Side Note: I’ve personally given this piggy bank as a gift and it’s a major hit at holiday events!

Mini ATM

Mini ATM Piggy Bank

In addition to coins, your child will have some dollar bills to save along the way. A mini ATM is one way to help them save their funds in a safe place. 

Kids will appreciate the interactive way to stack up their cash—it even has a special password feature to add to its authenticity. 

Ready to go beyond a piggy bank? We explore debit cards as a tool to teach your child responsible money management. Many debit cards designed for children allow the parent to set limits on how much and where your child can spend. Read about it here.

Buildable Piggy Bank

Lego Piggy Bank

Some kids love the hands-on activity of building kits. If this engages your child, building out their own Lego piggy bank might serve as motivation to stash away their money. 

Once they’ve built this piggy bank, it can hold coins and paper bills. When it’s time to pull out the funds, they might need to do some rebuilding. 

Classic Pink Piggy Bank

Classic Pink Piggy Bank

If you prefer to stick with a traditional piggy bank, consider this cheerful option. There are no special bells and whistles, but maybe that’s the allure.

Keeping it simple may translate well for your child, who may find pleasure just from hearing the clinking of coins inside. 

Save Give Share Spend Bank

Save Give Spend Piggy Bank

This style of piggy bank lets your child start practicing the basics of money management. The four-part piggy bank offers a way for kids to divide up their savings. For example, they might decide to put two quarters into the save portion and two quarters into the give section. 

It goes beyond saving to help kids learn about other important skills, like sharing and spending their money. 

Savings Accounts: An Alternative To Physical Piggy Banks

A physical piggy bank is one way to start teaching your child about financial responsibility. With a piggy bank in their possession, you’ve given them an opportunity to start building their savings. Although it might take time, hearing the coins and feeling the weight of their piggy bank may push them to continue saving. 

Once the piggy bank is full, or when you feel it’s time for your child to graduate beyond piggy banks, consider opening a joint savings account with your kid. A savings account takes their financial literacy training a step further. 

If you want your child to have both options, you might let them fill up their piggy bank before moving the funds into their savings account. Over the years, they can watch their savings grow. 

Funds stored in the right savings account can go to work for your kid. For example, a high-yield savings account with a reasonably high APY can give your child’s savings a helping hand. 

Plus, the funds in an FDIC-insured savings account are insured for up to $250,000. That can prevent the possible heartache of stolen funds. 

Want to move forward with a savings account for your kid? Here is a look at our favorite options

Summary

Learning how to save money is an important skill. A piggy bank can help your child start building this habit. 

Piggy banks come in all shapes and sizes. But each presents an opportunity for your child to save money. Find a piggy bank that sparks your child’s interest in saving money.

Editor: Claire Tak

The post Best Piggy Banks And Alternatives For Kids To Save appeared first on The College Investor.