Places to Save Money Online for Your Children

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Places to Save Money Online for Your Children Michael T. Scott www.ChildBankAccount.net

Basic Types of Online Savings Accounts: 

http://www.childbankaccount.net Basic Types of Online Savings Accounts The majority of banks offer online management for at least some of their savings accounts today, There are a few basic types of which are offered online by most banks. Basic Savings Accounts Regular Savings Account Money Market Accounts Notice Accounts Certificate of Deposit Children's Savings Accounts

Basic Savings Accounts: 

http://www.childbankaccount.net Basic Savings Accounts Can usually be opened with a relatively small initial deposit There is typically no minimum balance Funds can be accessed as and when needed Some accounts may have withdrawal limit before charges are applied Rates are a little higher than those of ordinary checking accounts Rates typically low in comparison to other types

Regular Savings Account: 

http://www.childbankaccount.net Regular Savings Account Very much the same as a basic account in most respects Rates are a touch higher Regular monthly deposit is required Failing to make a deposit may result in penalty charges or occasionally even account closure May also require a minimum first deposit to be opened, depending on the institution

Money Market Accounts: 

http://www.childbankaccount.net Money Market Accounts Usually yield higher rates than basic savings accounts Rates will vary as economic changes occur Often require specific initial deposits Often minimum balance requirements May occur fees is minimum balance not kept Many allow you to write checks from accounts Withdrawals and numbers of checks written per month may be limited

Notice Accounts: 

http://www.childbankaccount.net Notice Accounts Very similar to regular accounts Rates are usually a little higher than regular accounts Rates not as high as fixed term accounts. Specified period of notice before you can make withdrawal Notice period of time varies between accounts and banks

Certificate of Deposit: 

http://www.childbankaccount.net Certificate of Deposit Taken out for a pre-determined amount of time Typically for periods between 6 months and 10 years Offer higher, often fixed interest rates because money is locked away for period of time Withdrawals are possible on some CDs, but usually with penalty charges Minimum deposits and balances vary from one bank to another

Children's Savings Accounts: 

http://www.childbankaccount.net Children's Savings Accounts Available in instant access or fixed term variations Usually offer reasonably good rates Often possible to keep part of the savings accrued tax free, with the other portion taxed at reduced child's tax rate Can often be started with very low investments Longer terms may require slightly higher deposits