For your child to learn the importance of saving and investing, help them purchase stock, or get a money market account. Both will show them how to not only save money, but to make money from what they've saved.
Stocks are the highest yielding investments, but also carry high risk.
Money-market accounts are a lot less risky, and still pay more interest than a traditional savings or checking account. See our investing page for more details. These classes teach students the basics of money management and the U.S. economy. If your child's high school does not offer money management classes, push to get such a class or program offered. Visit our booth during Parents' Weekend here at Loyola.