![]() The Forbes Advisor editorial team is independent and objective. Today’s kids have grown up in a digital world, so having access to their money online or through a mobile app is a must. If your goal is to grow your kid’s savings, choose an account with a high interest rate. Most importantly, consider your and your child’s goals when opening a savings account. Consider banks that offer account features such as mobile access and parental controls. Parent-friendly features: Kids’ bank accounts are custodial accounts, which means they are managed by the parent or guardian associated with an account.Many banks offer digital tools and resources that can further a child’s financial literacy. Educational tools: Opening a bank account with your child should be a learning experience for your young one.Look for a savings account with low or no minimum balance requirements. Minimum requirements: Kids just starting their banking journey may not have the funds necessary to meet some banks’ minimum requirements.APY: Since savings accounts pay interest, look for one that offers competitive rates.If the account comes with a banking card, make sure it offers fee-free ATM access. Look for a kids’ savings account without a monthly maintenance fee. Fees: Regardless of the account type, keeping bank fees to a minimum is always a plus.Here are some factors to consider when shopping for a savings account for your child. ![]() With several kids’ savings accounts on the market, the best options aren’t always easy to spot.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |