Kids learn by example and when it comes to money, the financial prudence parents show and the example they set will influence their children for the rest of their kids lives. Beyond setting an example, kids need to experience the saving process first hand and good way to teach kids about saving is to establish an online Kids Savings Account with ING Direct, an online bank owned by Capital One.
Many online banks and traditional banks offer savings accounts, so why should a parent consider ING Direct? Well, there are many good reasons and the first is the rate of interest. We all know how low interest rates are with traditional banks and many parents are rightfully concerned that the interest rate at their home bank is so low that it doesn’t serve very well in the investment or learning process. At ING Direct, the current savings rate is around 0.80%, which is multiple times higher than the average brick and mortar commercial bank. With a rate at this level, kids will receive monthly interest and they will visibly see the difference that compounded interest can make.
Interest matters, but the advantages of setting up a savings account through ING Direct Bank go beyond simple accrued gains in the form of interest income. With a Kids Savings Account, children are given their own logon information and they can logon whenever they like to view current balances, check interest received, and track their overall activity. It is a great way to teach kids about money and let them experience, first hand, what online banking is all about. Parents have ultimate control (kids cannot initiate transactions), but children still get an opportunity to experience online banking and learn how it works.
ING Direct is a safe, Federally insured bank and it is currently offering a special deal to parents who open a new savings account for their children. Any new account opened between today and February 15 will receive a $10 bonus! All parents need to do is input reference code KSA238 when they setup the account and they will receive this special bonus, helping to grow their savings a little faster and set them on the path toward financial literacy at a young age.
The Kids Savings Account℠ from ING DIRECT is even better than a piggy bank. Open online now.
ING Direct is a great place for adults to save because the money invested receives a much higher rate of interest and with its special offers on Kids Savings Accounts, it is also a great place for kids to save and learn about money, banking, and financial frugality. Logon to ING Direct and open your Kids Savings Account today!
Copyright 2012, Bryan Carey