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Junior Savings Account- Lets Your Kid Adopt Savings Behavior
If we are to think about all of the many basic lessons that a child should 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 valuable time on?
One of the most important things we can teach our little ones is all about money, how to earn it and the way to save it. One of the most effective strategies to train how to save money is to provide them with their own savings account.
As with all things, there are different ways to teach how to save. If the aim is just to save money, a junior savings account with a high interest that discourages withdrawals could be good. But, if parents would prefer children to have real-life banking, the bank account should have easy branch access services, ATMs, phone and internet banking facilities. Online banking access is also great to let children see for themselves how their capital can grow with time.
Because your child's savings patterns are going to be different than yours you have to make sure that the account will provide all the possible features for a beginning saver. Find an account that doesn't have monthly maintenance charges 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 go through all the terms and conditions 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 area where you bank if they have a children's saving program. If your bank does not offer a suitable plan a good place to begin with your search is online. Because you are doing so for a teaching purpose don't forget that there are two common types of savings accounts: statement accounts and the passbook accounts. Statement accounts provide your kid with a monthly report of what has happened to the account. It tells about 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 recorded into. Whenever money is put in, the deposit should be recorded in the passbook.
Last, but certainly not least, don't fail to remember the interest rate that the account pays off. It is going to be much easier to teach the little one about compound interest if the account is offering a decent interest rate. As the child is old enough it is essential that they begin to experience such things as: apr, yield and the different rates that different kinds of accounts will pay.
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