Which Children's Savings Account is Best Recommended?
What you should know before opening a savings account for your child, and what to consider before choosing the best savings account for them. Read more to find out.
Published June 8, 2021.
It goes without saying that opening a savings account for your kid is a fantastic opportunity to teach them about money management and get them started on the path to long-term financial success.
What to Look For
In my opinion, the best savings account will provide high-interest rates and near-minimal fees. Good savings accounts will also provide parents with tools to assist their children in setting objectives and tracking their account's progress.
According to many experts' research and evidence, the best institution for children's savings accounts is Capital One.
This is the overall winner for the best kids savings account, allowing for easy and convenient banking, but also offering the flexibility to set savings goals. With an excellent credit score, your kid might get access to a reliable credit card at an early age.
Other options you may want to consider are Alliant, Bank of America and BECU early savers account.
In Conclusion: Skill Teaching
After you've created an account, it's necessary to teach your child money management skills through conversation. This includes putting away a portion of their allowance and teaching them the difference between short-term and long-term savings.
If you start early enough, your children will be seasoned experts when they reach legal age and will be on the path to financial success.