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Opening a Savings Account for Your Kids

For parents who are planning to put up a kid’s savings account, it is best to start while your kids are still young or as early as possible. If you have younger kids, toddlers even, you can start as early as now to secure funds for their future needs.

Nurses needs are important and they play a huge role in the lives of parents and grandparents as well. It is advisable to have their financial future set properly and it should be an important lesson to them as well.

If you are thinking of putting up saving account on top of your kids’ college fund, it is considered more secure than just having one of either. Think about the emergency needs that might arise during the course of your children’s school years, of course you wouldn’t want to spend their college fund for those situations. Those situations that are uncalled for will benefit from your kids’ savings accounts whenever there’s a need.

Kids’ Savings Accounts – There are Benefits for You too…

• Let us not forget that securing future funds should be a continuous process. As mentioned earlier, it is best to start early or while your kids are still young. When it is time for them to put money into their savings accounts, they will have a clear understanding of why and how it will help them financially in the future.

• The fact that you are setting a good example by setting up your kids’ savings account is a great lesson to instill in your children’s minds. You are not only teaching them the value of saving money, but the value of responsibility.

• Kids’ saving accounts can help during financial crisis and emergencies. If you have 3 kids, for example, and each has his/her own savings account, any uncalled for situations that will need funding can be easily funded using one of your child’s accounts.

However, here’s the catch, you need to replenish the entire amount you borrowed because it is also considered as a financial safety net for your child.

Points To Ponder

While your child is still young, you will need to be there whenever your child will deposit money into his/her account. All banks require an adult guidance particularly for younger children.

When your child is capable of understanding the value of money, make sure that he/she understands how to maintain and keep it growing until he/she is already an adult. Poorly managed kids’ savings account is a bad example of financial mismanagement.

As much as possible, show your children a good example of handling your own finances. Remember that as parents, you should be setting good examples to your children, and that also includes the art of managing money.
Kids’ savings accounts are quite beneficial for both parents and children in terms of the ease in paying off education-related expenses. You can add their savings to their college funds in the future to lessen the burdens of college tuition and other fees.

Get your child a savings account as early as possible. Start with a small deposit and continuously add month after month, as your monthly budget permits. Through kids’ savings accounts, parents can teach their children the importance of saving for the future and taking responsibility over their financials.

Luther Burbank 4.35% Savings Account

Luther Burbank Savings is offering a great 4 month 4.75% *liquid CD with a minimum $10,000 deposit. Its other terms at selected branches are also very competitive with the Santa Rosa, San Rafael, and Palo Alto branch offering a special 90 day 4.85% APY CD. This Certificate of Deposit has no deposit limit and allows you to have one penalty free withdrawals a month.

Luther Burbank Savings is also offering a 4.00% APY checking account with $5,000 minimum deposit to open. A branch visit would be required to open and it’s available in all Luther Burbank Savings branches.

For futher information regarding application, please visit their homepage at http://www.lutherburbanksavings.com.

*A Liquid Certificate of Deposit (CD) usually allows customers to lock deposits in a high CD rate, make unlimited deposit add-ons, and allows fluid (without withdrawal penalties) access to your money.

EverBank 5.51% Online Savings Account

EverBank, a FDIC insured bank is offering a introduction promotional FreeNet checking account rate of 5.51% APY for the first three months. After the first three month at introductory rates, your interest will follow EverBank’s rate tier. I would suggest people to invest for the first three month to benefit from the 5.36% interest and then maybe withdraw your money and put it into a Certificate of Deposit like the E-Loan 5.00% APY 3 month CD.

EverBank Financial To apply, simply fill out an application online, signed it and mail it in. You will then have to wait for EverBank’s confirmation with your account number, once you recieve your confirmation number, you can then link it with your external bank and transfer funds over.

This is a free checking/savings account with no minimum deposit, but if you want the option of BillPay, you will need to keep a minimum balance of $1,500.00 USD. The penalty for going the depoisit limit with BillPay is $4.95.

Even though EverBank doesn’t have their own ATMs across the country, they will however credit you with $6.00 USD every month for your ATM fees if you mail in your ATM reciept.

Amtrust Direct 5.25% High Interest Savings Account

AmTrust Direct is offering one of the highest money market rates on the web at 5.36% APY. This e-Savings Account comes with a $1 minimum requirement to open and you can also deposit it as a CD with a raised minimum deposit of $1,000 USD. The rate is fixed for 90 days and this rate to limited to deposits up to $100,000, anything over will be a 5.00% APY instead of 5.36%. Another thing to keep in mind when opening is that this account is only available through the web and this promotional rate is for first time AmTrust Direct new accounts only. Accounts that hasn’t previously deposited funds via AmTrust Direct. For more information on how to apply, you can visit AmTrust Direct’s page here.

WTDirect 3.31% Savings Account

Wilmington Trust is currently offering a competitive online only savings account rate at 5.06% APY. This savings account is completely free and has a minimum balanace of $10,000. One of the things WT|Direct doesn’t tell you this on their advertisement is that if your balance falls below $10,000 for longer than 60 business days, your rate will drop from 5.06% APY to 0.60% APY. Wilmington Trust claims to have rate consistently in top 5% of U.S. banks, but if you do not meet their minimum balance requirement within 2 months, you will probably find their rate is at the bottom 5%. Furthermore, WT|Direct allows 6 free transfers a month with unlimited externally linked accounts. The account transfers usually take between three to five business days with daily compounding interest.

WT|Direct is a member of the FDIC and they pride themselfs with great customer service. A phone call to WT|Direct will lead you directly to a real person. WT|Direct also offers a $0 liability guarantee for unauthorized transactions on your account over the internet. Overall, Wilmington Trust is a very secure and well established bank as Bankrate.com gives it 4 out of 5 stars. For any further questions, call 1-800-WTDirect (or 800-983-4732) or email ClientCare@wtdirect.com.

BankUnited 5.53% Savings Account

BankUnited is offering a 5.53% APY savings account with $5,000 min deposit. BankUnited/FSB is the largest banking institution headquartered in Florida offering a full-spectrum of consumer and commercial banking services through a network of 81 branches nation wide. This money market rate is one of the highest considering the on fact that Fed’s dropped interest rate by 0.50%. Bank rates across the board has been dropping lately due this last week’s 0.50% decision. United Bank calls their savings account Money Tree Savings because of the metaphor that your savings will grow. The account is completely free online, there is no annual fees, and it’s FDIC insured up to $100,000.

AMEX Business Gold Rewards Credit Card is simply the best credit card available right now! Because Amex is rewarding customers with the huge bonus of 25,000 point after the first billing period, makes this credit card a must have. Normally, in order to earn 25,000 points with AMEX Business Gold, you or your company will have to spent $25,000 to qualify. Many of OnlineSavingsAccounts.com viewers signs up just for the plane ticket. Couples sign up under sole proprietorship and get a free mini vacation after the first spending. The deadline on this absolutely incredible deal has been extended from August 30th, 2007 to October 10th, 2007.

Umbrella Bank 6.00% APY Savings Account

Umbrella Bank is currently trying to promote it’s Green Days savings account with a 90 day introductory rate of 5.86% annual percentage yield. This is one of the best savings account offered by Umbrella Bank this year. After the first 90 days, the account interest rate will depend solely on your spending and daily budge with your annual percentage yield being calculated using a combination of introductory rate and the going rate show at their table. The only requirement is a $100 minimum balance on the account, once that simple requirement is satisfied, your application will be reviewed within 24 hours. Once approved you can have free direct deposit and free Recurring ACH transfers from your Checking Account. In case if you don’t understand ACH transfers, it’s a way of transfers funds from your account to actually individuals. This best savings account is a limited offer, please act quickly!

A little bit of history, Umbrella Bank is�an internet division of New South Federal Banking, founded as an internet based bank�but many question arose in the public about why internet? It is safe? It is secure? It is more convenient? The answer according to Umbrella bank is Yes to all those questions. Internet banking is safe because no matter what, the Federal Deposit Insurance Corporation (FDIC) insures each depositor up to $100,000 per account, further securities are also offered please check FDIC homepage for more information. To answer the second question, internet is actually more secure than transactions done in person due to 128-bit encryption, numerous firewalls, username and passwords. In the age of information, internet commerce and banking wouldn’t exist without such high tech security over the web. And finally why internet banking? This questions boils down to what type of person are you and why kind of time schedule, habit do you have.

FNBO Direct 6.00% Online Savings Account

FNBO Direct is offering a 6% interest savings account with no min. deposit. This is probably the highest money market offered by FNBO Direct as of today. A background check on the history of the bank, FNBO Direct is a First National Bank is a subsidiary with headquarter located in the city of Omaha, Nebraska. FNBO Direct is also the participant of the First National Bank Family which has been an established bank around Omaha and communities surrounding it for over 150 years. When you open your account with FNBO Direct, you’ll be asked to provide

1. Your Social Security or Tax ID Number.
2. Your Driver’s License or ID card issued by a state DMV.
3. Information about any loans or mortgages that you may have to help us confirm your identity.
4. For instant funding, you will need your current bank account and routing numbers.
5. If applying for a joint account, you will need the Secondary Applicant’s name, Social Security or Tax ID Number, and Date of Birth.

Also all applicants must be a U.S. Resident and 18 years of age.

If you are interested in opening a saving account today, FNBO Direct is probably the best choice with their high 6% money market account and a history to back up its credibility.

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