Bank of Mom & Dad: Kids Savings Account Spreadsheet That Pays Interest

My kids are old enough to know grown-ups keep their money in a bank. They are nowhere near old enough for a debit card. So instead of getting sleazed by a bank, I made our own family bank! No new accounts, no logins, no hassle. It even covers the "I owe you $5" moments when you don't have cash on you.

Here's what I was trying to avoid:

• A big-bank savings account like Chase pays 0.01%. On $100 that's a penny a year. My kids have found more than that in the couch.
• The kids debit card apps run $6 to $20 a month. That's more than most kids will ever earn in interest.
• A custodial account means a pile of paperwork, and the money legally becomes theirs at 18 or 21 depending on your state. Ready or not.
• And every single one wants another login. I already can't remember the one for the water bill.

The cash sits in a drawer. This spreadsheet keeps the books and pays interest the same way a real bank does, figured daily and paid monthly. I pay my kids 10%. Leaving money alone is suddenly their favorite hobby.

Interest is free money for doing nothing. Finally, something they're already good at.

What you get

• A real monthly statement for each kid. Pick the kid and the month, hit print. Beginning balance, deposits, withdrawals, interest paid and every transaction. It even shows what the bank down the street would have paid them that month. (Spoiler: pennies.)
• Up to 4 kids. Each one gets their own account tab, plus a summary page for the whole family.
• Interest that pays itself. Figured on the average daily balance and added automatically on the last day of every month. Nothing to type, and nobody's doing math at the dinner table.
• Savings goals with a progress bar. You'll hear "how much more do I need for the bike?" a lot less.
• The "if you leave it alone" table. What their money turns into in 1, 3, 5 and 10 years. This is the part that got my kids' attention.
• Parent Match. Match what they save. Like a 401k for a 9 year old.
• Kitchen drawer slip. For when they hand you crumpled cash at the gas station.
• Your bank, your name. Bank of Mom, Bank of Dad, Bank of Grandma. Type it once and it's on everything.
• A few easter eggs. Try setting the interest rate to 50%.

The boring stuff

• Excel file (.xlsx). The download link shows up right after checkout. Nothing ships.
• About 5 minutes to set up with the Start Here tab. After that you just log money when it moves.
• The formulas are locked so nobody breaks the math by accident. Blue text on yellow is where you type.
• It's a record-keeping spreadsheet. It doesn't hold or move real money. The cash is wherever you keep it.
• Questions or ideas? Email me at CreativeEntLLC@gmail.com. I read every one.