Best Savings Account For Children
Learning which banks have the best savings accounts for children makes saving money fun for children. Having a child open a savings account promotes financial literacy and establishes a strong fiscal foundation. Many banks offer savings programs for children, but Credit Unions offer the best savings options for children as they tend to be more generous. Here are some of the best accounts for kids.
1. Power Financial Credit Union. This South Florida based credit union offers children a Rocky Raccoon savings account full of perks. For every $10 a child deposits, the child earns ten points. To earn prizes the child needs a minimum of twenty points but can earn prizes from a world atlas map to a giant stuffed animal.
2. Choice One Community Credit Union. The Pennsylvania bank offers savings accounts for children that provide prizes for every deposit. The Dollar Dog club offers incentives ranging from stickers to large stuffed animals. In addition, it provides a passbook to enter deposit information as well as an interactive site for kids to learn more about money.
3. Safe Credit Union. This California bank offers the lowest initial deposits in order to open a children’s savings account. With $5, a child can open an account and participate in deposit incentives offered by the credit union. In addition, the credit union offers quarterly dividends and the child has an opportunity to participate in savings contests in addition to the regular incentives. This credit union also provides an award winning educational interactive site called Whyville for children and teens alike.
Establishing financial literacy early with children helps them gain necessary information later in life. The best savings accounts for children make savings fun for children and teach them the art of delayed gratification.