It’s been a few years now that Tips 4 Saving has been providing you tips to save your money. What have you been doing with all your extra money? As an adult you probably have some type of savings account, IRA, 401K, CD or some other place you deposit your money. Have you ever thought about a savings account for your kids? Teaching your kids about saving money early can really help curb financial distress later in life. It’s never to early to open a savings account for your child.
The first step to introduce “saving” to your children is to start with some type of piggy bank and money earing (allowance) opportunity. Once the piggy bank is full… time to deposit their money into their savings account. Remember they don’t always need to spend their money. Also, once they have an account set up all those checks they receive for birthday, holidays and special occasions can go right into their accounts.
Before you select your preferred child savings account you’ll want to consider the following.
1. The banks proximity to your house.
2. Fees and opening requirements (find a bank with no monthly maintenance. fees or minimum balance requirements) . Also verify any other fees.
3. Age of child and type of account. Withdrawing terms/fees.
4. Interest rates.
5. Will child be able to transfer account/money once they turn 18.
Here is a list of 10 banks offering child savings accounts. Click on any link to view additional information.
If you are only interested in saving money for your kids college then you might be interested in a 529 College Savings Plan Just check out Loans link under financial products.