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.
Not all equity-tapping methods are created equal.
It can be a smart strategy, provided you understand what you’re risking.
If you have bad credit, you need to find ways to compensate for the additional risk.
Find out if your lender can offer you a better deal.
Find the best 18-month CD rates for your savings goals.
Historically, the best 3-month CD rates handily beat the yields offered on liquid accounts. Is this the best savings option for you?
Locking up your savings for a decade in a 10-year CD may be a smart move in some limited circumstances.
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