Best savings accounts for kids
A savings account can be a great tool to teach your child about money. Here are a few of our favorites.
Karen Bennett is a senior consumer banking reporter at Bankrate. Her expertise lies in finding the best savings accounts, checking accounts and CDs, as well as all things personal finance. She’s been a reporter at Bankrate since 2021, and she holds a master’s degree in Journalism and a bachelor’s degree in English.
Karen’s writing experience spans topics including bank accounts, saving money, budgeting, and credit cards, as well as lifestyle and health. She also spent time as a writer of product reviews and a reporter for local newspapers in Chicago, Milwaukee and Washington, D.C. In addition, she worked for over a decade as a writer and product manager for CoolSavings, a website devoted to saving money on groceries, travel and other products.
Karen stays on top of the latest in banking and personal finance. Topics she writes about for Bankrate include how to choose the best high-yield savings account, the latest statistics on checking account fees and ways to protect yourself from bank fraud.
On the personal finance front, Karen has covered topics such as progress for women in banking and the pitfalls of spaving deals (spaving is the act of spending more money to qualify for money-saving promotions).
When she’s not working, Karen enjoys working on her novel, as well as reading, cooking, traveling and spending time with her family.
The pillars of smart money management include having an emergency fund in a high-yield savings account, paying down debt, following a budget and living within your means.
— Karen Bennett
A savings account can be a great tool to teach your child about money. Here are a few of our favorites.
Consider a savings account with an APY above the inflation rate.
Many of these banks offer low-fee accounts and higher yields than some of the biggest banks.
All CDs have one thing in common: They’re among the safest places to park your cash.
Vivian Thornton received quite a shock when she logged onto her bank account and noticed an unfamiliar debit charge for concert tickets totaling more than $2,000. In fact, the hefty charge had brought [...]
ATMs are useful for depositing money, checking your balance, and more, but be aware of possible issues that may arise.
A savings account is a useful financial tool for building a stable financial future.
Withdrawing your money from a CD before the term ends can be costly.