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Online Savings Account for Kids Teaches Good Skills for Parents and Children
Submitted By: Get Out of Debt Date: September 26, 2009, 10:37:35 AM Views: 612
Summary: An online savings account for kids has a lot to offer in terms of teaching children about what money is, how it works, and how it can work for them. Getting an online savings account for kids also makes learning how to move money quickly and electronically a priority for both the parents and the children. These are skills which will make big differences in the life of both the parents and the children.

An online savings account for kids has a lot to offer in terms of teaching children about what money is, how it works, and how it can work for them.  Getting an online savings account for kids also makes learning how to move money quickly and electronically a priority for both the parents and the children.  These are skills which will make big differences in the life of both the parents and the children.

I believe the best savings account for kids is an online account linked back to a local savings account. I think it is important very early on to educate children about the differences between rates of return and the usefulness of both types of banks (local and online). Both types of saving and loan banks serve a purpose for families and understanding how the two are the same and different will start your child down a good life long learning path.

There is no doubt that most people find finance and banking utterly boring. It simply is what it is. On the other hand there are a few fundamental concepts to teach children at an early age that will help them intuitively understand more important financial aspects in later years.

First among them is to differentiate between banking offers. Figuring out the best savings account for kids at your children's ages is a great opportunity to explore the different offerings in the saving marketplace and including the kids in the discussion.

Topics to discuss might include:

What is an interest rate?
In what country is this banks' headquarters?
What does FDIC mean?
Which bank has the highest rate?

All of these factors should be a part of parents' discussion with children about which is the best savings account for kids. It is also perfectly alright to have the conversation more than once, as needs change and the child grows.

Parents who take the time to learn basic business and banking information for themselves become well prepared to teach and demonstrate finance to their children. Given that public education is virtually devoid of teaching of basic home finances any pointers parents give their children are vitally important, because they won't get that information elsewhere.

While ultimately the lessons of basic money management are dull they are important. Here are some tips to help make the discussion about a savings account for kids more fun and meaningful to them.

If you're not sure about banking online, here's a few thoughts on how and why to open a bank account online.

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