Your children are never too young to start saving. When you instil in your child the wisdom and self-discipline in money matters, you are also cultivating their sense of responsibility from young. Such knowledge can offer tremendous value not only at a young age but also when they mature into adulthood. One simple first step to help your children along...
When you instil in your child the wisdom and self-discipline in money matters, you are also cultivating their sense of responsibility from young. Such knowledge can offer tremendous value not only at a young age but also when they mature into adulthood.
How to select the best savings accounts for your little ones? This article will provide some insights.Savings accounts for children offered by different banks often come with slight differences in terms and conditions.1. Joint account that allows you and your child to manage togetherWhen you co-manage the account, you can more effectively impart personal financial management knowledge to your child and ensure the financial goals are met.2.
For instance, the UOB Junior Savers Account requires a minimum deposit of $500. If that is way above your budget, accounts like the OCBC Mighty Savers Kids Account or POSB My Account that does not impose minimum deposits may be better options for you.If you and your child are committed to maximising every dollar you put into the savings account, be sure to explore options that let you earn bonus interest on top of the usual 0.05 per cent.
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