ING Direct has just recently began offering an ING kid's savings account known as Orange4Kids. This service is basically a children's version of their present online savings account but with a group of training wheels attached.
This implies if you are a fan of having the no minimum balances and no charges that are normally connected with only a normal ING Direct high-interest account then you're in luck. These children's savings accounts are completely FDIC insured and are at present earning an APY interest rate of 1.00%.
So what exactly are the children training wheels on these accounts then? Well, children are only allowed to check their balances on these accounts. Currently, they don't have any access to moving around cash in the account by themselves, and an adult will always have to sign in using a different customer number in order for transfers to be finished. Once the kid has reached the age of 18 the training wheels will come off and the children's savings account will be changed into an ordinary ING Direct saving account.
Depending on what goals you're attempting to achieve with your kid, a children's saving account can be a superb method to teach your young kid about not only saving their cash but also about handling their money in the future. You can instill your kid with a respect for money at a young age and teach them the easy way to look after it and watch it steadily grow without needing to worry about them having any real access and doing something unnecessarily stupid.
If you're looking for a way to get your youngster curious about cash management while instilling in them some economic responsibility then you will need to check out an ING kid's deposit account and get your kid on the road towards future financial liberty. In the long term your youngster will be far better off as an adult for having learned the significance of cash at an early age.
This implies if you are a fan of having the no minimum balances and no charges that are normally connected with only a normal ING Direct high-interest account then you're in luck. These children's savings accounts are completely FDIC insured and are at present earning an APY interest rate of 1.00%.
So what exactly are the children training wheels on these accounts then? Well, children are only allowed to check their balances on these accounts. Currently, they don't have any access to moving around cash in the account by themselves, and an adult will always have to sign in using a different customer number in order for transfers to be finished. Once the kid has reached the age of 18 the training wheels will come off and the children's savings account will be changed into an ordinary ING Direct saving account.
Depending on what goals you're attempting to achieve with your kid, a children's saving account can be a superb method to teach your young kid about not only saving their cash but also about handling their money in the future. You can instill your kid with a respect for money at a young age and teach them the easy way to look after it and watch it steadily grow without needing to worry about them having any real access and doing something unnecessarily stupid.
If you're looking for a way to get your youngster curious about cash management while instilling in them some economic responsibility then you will need to check out an ING kid's deposit account and get your kid on the road towards future financial liberty. In the long term your youngster will be far better off as an adult for having learned the significance of cash at an early age.
About the Author:
Michael Whaley is a long time financial advisor and former banking loan officer with decades of expertise in the area of finance. Now he is concentrated on teaching parents the significance of kids learning how to save at a tender age. Visit his favorite blog for more info on the best children's savings accounts or the ING kid's savings account.
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