If we are to think about all of the many basic lessons that a child should learn to grow up capable to tackle this complex world that we live in, how do we know what will be of most value? What should we spend our valuable time on?
One of the most important things we should teach our little ones is all about money, how to earn it and the way to save it. One of the most effective ways to teach how to save money is to afford them their own savings account.
As with all things, there are different ways to teach how to save. If the aim is simply to save money, a junior savings account with a high interest that discourages withdrawals could be enough. However, if parents would like children to experience real-life banking, the bank account should have easy branch access services, ATMs, phone and internet banking facilities. Online banking access is also nice to let children see for themselves how their capital can grow with time.
Because your child's savings methods are going to be different than yours you need to make sure that the account will give them all the possible benefits 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 restriction 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 consider how the account is going to be used before opening one.
An ideal 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 an ideal 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 basic types of savings accounts: statement accounts and passbook accounts. Statement accounts provide your child 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 to 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 posted in the passbook.
Last, but by no means least, don't forget about the interest rate that the account pays off. It is going to be easier to teach the little one about compound interest if the account is offering a decent interest rate. Once the child is old enough it is a must that they begin to learn about such things as: apr, yield and the different rates that different kinds of accounts will pay.
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