Kids bank account

Do you remember your first interaction with the bank? Probably, when you first opened a savings account after turning 18 years or when your employer demanded so. Until turning 18 years of age, your piggy bank was your bank and you alone were responsible for all the deposits and withdrawals from the piggy bank. However, today the time has changed and people have become smarter. Though, a piggy bank has its own essence of fun and excitement, kids bank account can help your child go a long way. Minors’ savings account can promote saving habits among the children, which would be beneficial for their future financial management. Plus, it would also lower your burden to fund their higher education and other expenses in future. Hence, kids savings account is one of the best and safest instrument to accumulate savings for long-term.

Who can open a minor’s bank account?

  • Parents or guardians can open an individual account on behalf of the minor
  • Parents or legal guardian can open an account jointly with the kid
  • A minor aged above 10 years can open and operate his or her bank account separately

Benefits of bank account for minors:

  • Thorough planning – First of all, your child learns to plan things ahead as he or she becomes more financial savvy. This will help your child to take care of the finances through a detailed and precise financial planning.
  • Focus on goals – An account helps your child to stay focused on their goals and priorities and also helps them to understand the importance of self-control to avoid unwanted or irrelevant spending.
  • Earn interest – Well, you might put some extra cash to your child’s piggy bank just to lure them for savings, similarly banks and financial institutions, too, provide exciting rate of interest on the average account balance. This way, your money can grow without putting much efforts.
  • Set objectives – Kids bank account can help them set some life objectives and make efforts to attain them. For instance, going to a top-rated educational institution or buying a super bike, such objectives would help them stay focused and keep saving until they can afford their objectives.
  • Banking access – Remember our first interaction with the bank? We don’t even know how to fill the deposit slip, but today, the scenario has changed completely, thanks to the digital advancement. With convenient and hassle-free internet banking services, it has become quite easier to access banking transactions at one’s fingertips. Therefore, kids bank account can definitely give a learning to your young toddler to access banking services.

Tips to open Childs bank account: Going blindfolded in regards to child’s financial future is never going to be a right decision. Thus, it is essential to shop around the financial market and zero down on the best kids savings account to give your child financially secured future. Here are some tips to shop around!

  • No minimum balance – There are several banks that follow minimum balance requirement criteria, though it is best to opt for the one who doesn’t have any such clause.
  • Lower fees and charges – Choose an account or scheme that has lowest fees and charges such as low maintenance cost, cheque book charges, duplicate statement charges, etc.
  • Good interest rate – Opting for an account that fetches good interest rates can never go wrong as it will accumulate to higher returns in long term.
  • Online banking – Today most banks and financial institutions offer online banking services. Therefore, make sure to zero down on the one who has such services for no extra charges.

So, get your child into the savings mode and help them build a financially secured future.

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Well, we have heard instructions from our elders to keep some cash readily available as emergencies can hit the door anytime with no warning or alert. In addition, till now we have definitely learned about the importance of following a good saving habit. Hence, while planning to open a savings account, make sure to do a thorough research to zero down on a scheme that suits best to your needs along with providing financial security in long-run.

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