Money and Kids: How to Save
Since our son was little we have always tried to save a little every month for when he graduates high school and goes on to college. Since savings account rates are so low at our local banks, we chose to open an ING Orange Savings Account. No, the annual yield is not extremely high but they are higher than your average savings account. It also gives us a way to easily transfer money from our checking account online. There is no fee and no minimums. It’s free and easy. You can also set up reoccurring direct deposits to be made into the savings account from your checking. I am so forgetful, so it’s nice to not worry if this is getting done every month.
Now that our son is seven he is understanding more and more why we save and why you spend. His Grandma-ma and Pa usually give him a few dollars here and there for helping on the farm. I am going to let him open a savings account at our local bank just so he can take his own money in and decide what he wants to save. It is important to us that he learns to save money, give money, and keep a portion to spend.
You can also find and compare savings accounts at MoneySupermarket to find the best spot to park your money. They offer a great comparison tool for all types of savings accounts. You can easily view interest rates, minimum investments, and even get a review of the product. They also offer a wide range of Children’s products so you can find the best place to save for their future.
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