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   Why do kids need a savings account?

   • A savings account provides your child with a glimpse into how banks and credit unions work and gives them a place to stash allowance and birthday money. It also gives them the opportunity to grow their money with interest. Here are answers to common questions about savings accounts for kids. Is my child old enough for a savings account?

   Kids Savings Accounts: Open a Savings Account for a Baby or a Child

   www.nerdwallet.com/article/banking/opening-child-first-bank-account

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   Can a kid open a savings account?

   • Opening a savings account can be a great way to introduce financial education. A kid's savings account is a type of joint bank account, so it's a secure place for storing money. You can show your child how to save money and build smart financial habits. It can also teach kids about compound interest.

   Best Savings Accounts for Kids of 2024 - Business Insider

   www.businessinsider.com/personal-finance/banking/best-banks-to-open-savings-account-for-child

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   Can a child have a savings account?

   • Here is a list of our partners and here's how we make money. A child can generally have a savings account at any age. The best savings accounts for kids earn interest and have no monthly fees. A parent or guardian will likely need to open the account.

   Kids Savings Accounts: Open a Savings Account for a Baby or a Child

   www.nerdwallet.com/article/banking/opening-child-first-bank-account

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   How do I choose a child's savings account?

   • A few things to consider when looking at kids' savings accounts are the interest rate, monthly fee, and access to online banking. Most child-specific savings accounts require the parent/guardian to open the account for the child, but the account holder can be age 18 or under.

   Best Children’s Savings Accounts For Your Child Or Teen

   moneygenius.ca/blog/childrens-savings-account

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   Who owns a kids savings account?

   • Availability: An adult must own the account jointly with the child. If the child is under the age of 12, the adult needs to be the parent or legal guardian. Kid-friendly features: The app features parental controls, and the website offers Kids Savings Account: 101, which teaches the basics of saving.

   How To Open A Savings Account For A Child | Bankrate

   www.bankrate.com/banking/savings/should-your-child-have-a-savings-account/

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   Should you open a joint savings account with your child?

   • You can open a joint savings account with your child that allows them to save money for the future. Most kids’ savings accounts have no monthly fees and include easy-to-use mobile apps and educational resources for your child. The best savings accounts for kids offer competitive interest rates on all deposits.

   How To Open A Savings Account For A Child - Forbes

   www.forbes.com/advisor/banking/savings/guide-to-childrens-and-kids-savings-accounts/

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2. money.com › kids-savings-accounts-what-you-need-toKids Savings Accounts: A Complete Guide for Parents - Money

   money.com › kids-savings-accounts-what-you-need-to

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   Aug 3, 2023 · A Savings Account is a great tool for teaching children financial basics and responsibility. Have your kids understand the benefits of opening an account as they begin to build their financial literacy. Click on your state to get started with Discover®️ Online Savings Account.

3. www.bankrate.com › banking › savingsHow To Open A Savings Account For A Baby or Child | Bankrate

   www.bankrate.com › banking › savings

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   • Open a savings account, not a checking account. Checking accounts are for spending money. You’re trying to teach your child how to save. It’s advisable to wait until your son or daughter is a teenager or has a job before allowing them full access to a checking account.
   • Bank at the branch and online. Your child may be tech-savvy enough to do basic banking functions online, but it’s also imperative that they learn proper banking etiquette at a brick-and-mortar location.
   • Find a bank that promotes financial education. There is nothing wrong with opening a standard adult savings account and having your child put his or her allowance in there.
   • Look for the highest yields. Search for high-yield savings accounts. Credit unions and online-only banks typically offer the best rates, but don’t just shop for rates.

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5. moneygenius.ca › blog › childrens-savings-accountBest Children’s Savings Accounts For Your Child Or Teen

   moneygenius.ca › blog › childrens-savings-account

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   Jun 7, 2024 · A savings account can help your child save for a goal, learn about banking and budgeting, and teach them about compound interest and delayed gratification. A few things to consider when looking at kids' savings accounts are the interest rate, monthly fee, and access to online banking.

6. www.nerdwallet.com › article › bankingKids Savings Accounts: Open a Savings Account for a Baby or a ...

   www.nerdwallet.com › article › banking

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   Dec 19, 2023 · You can open a savings account for a baby, or a child of any age, typically with joint ownership or control. Here are answers to important questions about your child’s first account.

   • Video Duration: 9 min

7. www.forbes.com › advisor › bankingHow To Open A Savings Account For A Child - Forbes

   www.forbes.com › advisor › banking

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   Mar 21, 2024 · What Are Your Goals for Your Child’s Savings Account? Why do you want your child to have a savings account? There are several good reasons. To help your kids learn more about money and...

   • Author: Ben Gran

8. www.cnn.com › money › best-savings-accounts-for-kidsThe best savings accounts for kids in October 2024

   www.cnn.com › money › best-savings-accounts-for-kids

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   The best kids’ savings accounts offer high interest rates, no fees, and educational tools that teach money management skills. They also don’t have minimum balance or deposit requirements....

9. www.businessinsider.com › personal-finance › bankingBest Savings Accounts for Kids of 2024 - Business Insider

   www.businessinsider.com › personal-finance › banking

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   3 days ago · Opening a savings account designed for children and teens can help them start creating savings goals and building up their savings. We've reviewed several national banks and credit unions...