Children's Savings Account
If we are to think about all of the many important lessons that a child needs to learn to grow up ready to tackle this challenging world that we live in, how do we understand what will be of most value? What should we spend our precious time on?
One of the most essential things we can teach our little ones is all about money, how to earn it and how to save it. One of the best strategies to train how to save money is to afford them their own savings account.
As with all things, there are various ways to teach how to save. If the purpose is just to save money, a junior savings account with a high interest rate that discourages withdrawals could be sufficient. But, if parents would prefer children to have real-life banking, the bank account should have easy branch access facilities, ATMs, phone and internet banking facilities. Online banking access is also excellent to let children see for themselves how their capital can grow over time.
Because your child's savings habits are going to be different than yours you have to make sure that the account will provide all the possible benefits for a beginning saver. Find an account that doesn't have monthly maintenance fees or minimum balance requirements. In addition, make sure there is no limit on the number of small deposits. Also look out for banks that charge fees for inactive accounts and read all the small print before opening the account. Always think about how the account is going to be used prior to opening one.
A good way to begin the search for a suitable children's savings account is to ask at the place where you bank if they have a children's saving plan. If your bank does not offer a suitable plan a good place to begin with your search is online. Because you are doing this for a teaching situation don't forget that there are two common types of savings accounts: statement accounts and the passbook accounts. Statement accounts provide your child with a monthly report of what has happened to the account. It shows money that has been deposited, withdrawals that have been made, interest that has been credited, and any fees charged against the account. Passbook accounts give your child a small booklet that every transaction is entered into. Whenever money is put in, the deposit must be recorded in the passbook.
Last, but certainly not least, don't forget about the interest rate that the account will pay. It is going to be much easier to teach the little one about compound interest if the account is paying a good interest rate. As the child is old enough it is important that they begin to learn about such things as: apr, yield and the different rates that different types of accounts will pay.
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