Minor savings account
Do savings accounts have to be monthly? Can you save money with your savings account? Can children open savings accounts? What is kids savings account? They often pay high rates of interest, but tend to have withdrawal restrictions. Regular savings accounts tend to pay the best rates, but access is limited and you are required to pay in money each month. Most pay a fixed rate of interest so the rate won’t change during the term. Children’s savings accounts are much the same as adult ones and are offered by banks and building societies. There are a few variations, but mostly they’re simple, safe cash accounts that usually pay some interest. You can open a savings account with just £for any child aged up to 18. Talk to the bank you do business with. Look at Money Market. Assuming you are in the USA, you can Put up to $0per year into a Coverdell Education Savings account, for tax free education gains. Put up to $10per year, into a UTMA or UGMA account, if it has a custo