Ensuring your child’s financial future
A good education for your child comes with a price tag and as most parents know in order to be able to pay for it you have to save for it.As a parent, you want the best for your child so we at Fast Income has found some of the best savings accounts on offer for children for 2018. They not only offer some good interest rates but bonuses and packages to help your child manage their own money.
4 Top children’s savings accounts for 2018
This is a great account for teens as it offers them an online banking account which helps them to manage their money.It also has to be jointly managed by a parent but still, it gives the child a bit of supervised independence.
It also has a very good interest rate at 1.00% APY
This is a risk-free deposit account whilst not exactly kids account it offers the highest interest rate with no minimum balance requirement and no monthly fees. This account has a 1.80% APY on a low-maintenance account with proper instalments will give great returns.
This is a credit union but offers a very good interest rate at 1.30% APPY for balances of $100 and over. This account has to be opened before your child turns twelve with the parent as the co-owner of the account.
This is a good long-term saver for your child and can be started for any child under the age of twelve. If you are consistent with payments with a minimum monthly deposit of $25 up until your child is six and then $50 when they are between six and twelve. If monthly payments are made consistently up until your child’s 18th birthday they offer a $1000 bonus.