Teach your child the value of money… Not only a great way to save money for your child but also a heat-start they need to succeed. Kid Saving is a savings account that grows with your child and teaches them savings habit.
Last Updated Date: May 9, 2022
Documents required for Kid saving accounts are :
Kids Saving is a variant of a Savings Account, which can be opened in the name of children below 18 years of age, for their future savings. It is an account for children to encourage them to save their money for the future. It helps children to strengthen their financial future while teaching them the importance of financial security. There are typically two types of accounts you can open for your child: a savings account or a custodial account, and the difference is important. If you open a savings account, you and your child will have joint ownership of the account, and your child will be able to access funds from the account (with the parent being able to monitor the account). If you open a custodial account, also referred to as a Uniform Transfers to Minors Act account, the money in the account is treated as a gifted asset that is fully owned by your child, and cannot be accessed until they turn 18.
The children’s savings accounts sometimes offer unique features that can help make saving for kids.
Parents can help their children to set up a “savings matching program” for their kids.
It is one type of automatic savings deposit plan, where a certain amount of money can get transferred into the child’s account automatically each month.
It offers special financial education for kids, with interactive activities to help parents kids learn about money.