Nothing is better than having the best savings for you and your children. Opening a savings account for your children is a good start to teach them how to save money as well as teaching them how to value it. One great thing why you need to open a savings account for your children is to make sure they will have money for their college education and money to spend as they grow.
The moment your children are born is the best time to open an account and start saving for their future. And if you want to find the best service, all you need to do is go online and look at the different accounts offered. You can find offshore banks that offer high-interest rates which can be very helpful for you and your child’s future as well.
The best way to compare accounts is for you to visit a website where you can find a list of banks that offer only the best accounts and from there you can start choosing which you think is the best.
When making your comparisons be sure that you go over the interest rates offered, and how much money you need to maintain the account. The best savings account should provide you higher rates of earnings for your account and should have the least amount of cost to maintain.
It is always advisable to browse the internet to lead you to a site that will allow you to compare the savings account which is available for you to choose from. Opening the best savings account for your children are those that require the least amount of money you can maintain and to which you can add often enough in building it up.
Make sure as well that the savings account you are opening offers high-interest rates, yield, and compounds as it earns. So, the best savings account is one whose interest is compounded frequently and requires the least amount of money to maintain.
Simply put, the best way to compare accounts is to find a bank that offers lower interest on your savings but compounds every day instead of one that offers higher rates but compounds every three months.
You may also consider opening an offshore account in other countries like Singapore where it allows you to have a break from the taxes you are paying whenever you place money in your account.
This can be applied in other kinds of accounts and many people find it a relief to have an offshore account where they get higher interest without having to pay exorbitant taxes on the money they are saving.
So, when you start looking for an account for your children try to find those that allows you start with a small amount which you can continue saving as your child is growing and when the time comes, your child can use this money for his college funds.