If you earned some extra cash this summer by doing odd jobs around the house or starting your own business, your piggy bank is probably more full than ever. Did you know that you could earn even more money by simply opening a savings account at the bank? Going to the bank may not sound as fun as going to the mall or the movie theatre, but it sure will pay off (literally)!

How to open your first account
First, run your plans to open a bank account by mom or dad. They can help you find out which banks offer kids' savings accounts. There are plenty of community banks that welcome kids even if they only have a small initial deposit. The bank teller will give you a passbook which you'll use to keep track of how much money you deposit and withdraw. That way, you'll know how much is in your account 24/7!

Savings accounts aren't just for grown-ups!
You may be thinking, if I only have an extra $20, why not just keep it in a safe place in my room? You could, but here's the thing: you won't be earning interest. Interest is the money a bank pays you for letting them hold onto your cash. It's a small percentage of the money you're storing, so the more money you put in the bank, the more interest you'll gain. It'll only add up to pennies at first, but over time as you deposit more money, you'll earn a higher amount. Pretty cool, huh? Now you'll have a good reason to go to the bank, besides for the free lollypops!