Notice: The Kids ING Saving Account Program Is No Longer Available.
Saving money is a part of every ones life. However are you saving money for your kids? The truth is people are saving less and less, in fact in the 80’s people on average saved around 10 % of what they earned, and in the 90’s that dropped to nearly half at 5% and today most Americans are saving just enough to get by or nothing at all.
So in this article I’m going to show you the benefits behind why you should start a kids saving account, where they should get one, and finally I’ll show you how to set it up.
Why Start A Kids Savings Account
First off one of the biggest reasons you should set up a savings accounts for kids is because it will give them a head start financially in life. If their is one thing I’ve learned about money is that you will need a good amount of it to do the normal things in life from going to college, to buying a house, to starting a family, and by starting early you will be giving your child a much higher chance of success. When it comes down to it this isn’t just a savings account for children but rather an investment in your child’s future.
The other reason I feel starting a kids savings account for your child is so important is because it will allow your child to learn more about saving money. Face it, as parents we are teaching are kids about money everyday. They learn about it when we take them to Walmart, or to the grocery store, or even when we pay are bills at home, they are watching us. If we don’t pay are bills, or we don’t save any money what is that really telling are kids?
The truth is by setting up a childrens savings account we’re teaching are kids how important this is and by doing this the odds will be more in their favor of grasping these very important financial concepts.
Where To Get The Best Kids Savings Account
Of all the different places to set up a savings account for children the one place I recommend the most is the The Kids Savings Account℠ from ING DIRECT is even better than a piggy bank. Open online now. These accounts have several benefits to them.
- First off, it allows your child to see the money they are saving. Giving them the vital skills I mentioned earlier. On top of that they can also view transactions and watch their money grow right before their eyes making them feel part of the savings process.
- Secondly, this account has a 1.00% variable interest rate which is fairly good considering I just recently looked at Bank Rate and found that the best CD rates in the country are only doing about the same but only they would be required to put a minimum deposit of $1000. Which brings me to my third point.
- Third, their are no minimum account balances required. With CD’s you have to put at least a $1000 in the account in most cases, if not $5000, and once the money is in the account it could be locked up from 1 month to 5 years unless you really want to take an interest penalty? With the ING Direct Kids Savings Account you can put in what you want.
- Finally, their are no fees associated with this account and on top of that it’s also FDIC secured so your child won’t lose any of their money. Now you know why ING has the best kids savings accounts around.
How To Set Up A Childrens Savings Account
Now that we know that ING has the best savings accounts for kids around you might be wondering how do you go about setting one of these accounts up for your kids?
First, you’ll need to get a few things. To start you’ll need your check book or a saving account book you wish to link to the kids savings account. You’ll also need an internet connection as well.
Next sign up for the The Kids Savings Account℠ from ING DIRECT is even better than a piggy bank. Open online now. Here you’ll fill out the basic info to open your account.
Third and finally, you’ll need to fund your account by adding your checking or saving account details. Again their is no certain amount of money you will need to deposit but I suggest a monthly deposit this way you show your child the positive benefits of saving money.
A Final Thought…
Still not sure this program is right for you or your child then ask yourself these 3 questions.
- Do you want your child to succeed financially?
- Do you want your child to learn more about money and why saving is important?
- Do you want to invest in your child’s future?
If you answered YES to all of the above then setting up a kids savings account is just what they need. To learn more check out The Kids Savings Account℠ from ING DIRECT is even better than a piggy bank. Open online now.