I am looking for a good savings account for my 2 daughters ages 5 and 8. They have both been saving money from B-days and chores and they have decided to open a savings account. I wanted to find a local company in Phoenix that they can go into and open an account. Does anyone have a place that they would suggest. this was my 8 year old idea and she must be talking to friends or they must be talking about it at school but she comes to me and says she wants a return with no monthly fee :) Kids are to cute :)
I was in Bank of America last week and they have just what you are looking for. They even have registeres to give the kids. You can open a joint account (either one of you can withdrawl money) or a custodial account (they can put money in,but you have to sign to get it out). We are going to set up the second type with our daughter.
Serena,
INGdirect.com has a GREAT savings rate. You can do it all online so they can check the account balance every month after the interest goes in to see how they are earning. Also you can transfer from you checking right into the savings easialy. I believe the savings rate is 4.5%.
Check it out, good luck.
Serena,
My kids go to a public school that participates in school banking. Every Tuesday, the kids bring their money to deposit to their savings accounts and there is a representative there to help them fill out their register book or the parent can help them, too. It is wit Washington Mutual. I did participate a couple of years ago, but decided to transfer her account to the bank my husband & I use. We bank with Bank of America and there are no annual fees with the kids' savings accounts. We put money from chores, etc and the extra change in the jar gets split between my 5 & 8 yr olds!
L.
L. Kandell, MS, RD, IBCLC
Registered Dietitian/Pediatric Specialist
AFFILIATED NUTRITION CONSULTANTS, LLC
Scottsdale, AZ 85255
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Mother of Danielle, 8 (3rd grade) and Brett, 5 1/2 - (Kindergarten)
I set my son up with an account at Bank of America...we did the "Keep the Change" account that is liked to my debit card. Every time I use my debit card they round up the charge to the dollar and put the difference in his account. BofA matches a percentage of that yearly and adds it to the account. One way for me to help him save...he can still deposit the money from his piggy banks as well! He has a pretty good little nest egg brewing already! (At least, good for a 3 1/2 year old!)
K.
One of the local credit unions would be great! We opened up a savings account at Arizona Federal Credit Union for our 6 month old. Desert Schools is another good one.
