Five tips for setting up a bank account for your child

As a parent, you want to give your child a leg up on everything they'll have to take care of in their adult lives. Given how many people seem to be entrenched in credit card debt and juggling other personal finance issues, many parents want to teach their children how to handle money responsibly. They're thinking, "Maybe we should open a checking or savings account for little Joey or Amelia so they can learn how to manage their money."

If that's what you're thinking, good job! To find out how best to get children started on the path to smart money management, I spoke to Martha Acworth, chief marketing officer at Salem Five Bank, which has built a solid reputation for helping kids save money. In particular, it offers the Gold Star Saver, a special savings account for children that doesn't just provide a place to keep money; it offers access to its online site, which teaches children about everything from using credit cards to paying taxes.

If you're wondering what you should consider before opening a checking or savings account for your child, here's what Acworth suggests you consider: