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Junior Savings Account- Helps Your Child Develop Savings Habit
If we are to look at 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 realize what will be of most value? What should we spend our precious time on?
One of the most important things we can teach our children is all about money, how to earn it and the way to save it. One of the most effective methods to train how to save money is to provide them with their own savings account.
As with all things, there are various ways to teach how to save. If the aim is just to save money, a junior savings account with a very high interest that discourages withdrawals could be enough. But, if parents would prefer children to enjoy 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 money can grow with time.
Because your child's savings methods are going to be different than yours you must make sure that the account will provide all the possible features 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 watch 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 great 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 program. If your bank does not offer a suitable plan a good place to start your search is online. Because you are doing so for a teaching purpose don't forget that there are two main 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 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 little 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 will pay. It is going to be much easier to teach the young 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 types of accounts will pay.
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