(MONEY Magazine) - Q. I want to open savings accounts for my daughter, age 9, and my son, 7. But the high fees on low-balance accounts mean they're likely to end up losing money. Is there a solution?

A. You're right: An ordinary savings account usually isn't a great deal for kids. The average bank requires a balance over $200 to avoid monthly fees of around $3 on savings accounts, which pay only half a percent. That means a child might pay $36 a year in fees and earn only 50ΒΆ in interest. Luckily, most banks offer a no-fee, no-minimum option for minors, although they don't always advertise that fact--you have to ask. Some even offer special perks for kiddie savers, such as higher rates and prizes for deposits. Compare terms at local banks to find the best deal. But don't worry about nabbing the highest rate. The difference between, say, 1% and 5% is trivial on a small balance. What matters most is the experience. Kids love the grown-up feeling of going to the bank and handing over cash--and learning to feel good about saving may be the best financial lesson you can give them.