Does your child have money laying around home? Remove the temptation of them spending it on unnecessary items and consider utilizing that money to save for their future.
1. Open a Savings Account
Opening a savings account is easy to do and can hold your child’s money in a safe place while at the same time earning them dividends to add to their balance. You can put money into the savings account at any time for that future vehicle they may want, or to help pay for college or any future needs that may arise.
2. Open a Share Certificate
Opening a Share Certificate will lock your child’s money away for a certain period of time so that they can only have access to that money once the Certificate matures. It is easy to set up and can earn them higher dividend rates than a regular savings account. Check with your credit union on how much funds are required to open a Share Certificate – you may be surprised!
What better ways to put your child’s money away, help secure their future, and teach them about saving money!