How soon is too soon to open a savings account for your child or grandchild? If you have received their Social Security Number in the mail, you have what you need to get them started on their expedition to financial success. Before you go and open an account just anywhere, here
are four important things to look for:
- No Monthly Service Fee- the majority of children's savings accounts don't carry large balances, so it's important to open an account that offers no monthly service fee. This way, whatever the amount of cash in the piggy bank, the balance will always be going up if no money is removed.
- No Minimum Balance- Once again, most children aren't starting their savings with a large balance, so setting up an account that doesn't require a minimum balance will allow them to save small amounts and build their balance as they're able.
- The Higher the Interest Rate, the Better- Choosing an account with a higher interest rate will get the most bang for small bucks!
- Online Access- It's the digital age, so allowing your child to watch their money grow online is a huge perk for them. It's the reward that keeps them motivated to continue saving in the future!
Want to learn more?
Check out the Lil’ Pioneer Savings Club at Frontier Bank! A great account option that meets all the criteria above plus so many more perks that will make saving fun and rewarding for your child or grandchild! Let us help you make smart financial decisions for your children.
Contact Tracey Hoefert | Retail Service Manager here at Frontier Bank
Retail Services Manager