How to Save Money and Have Fun with a Youth Savings Account
No one is ever too young to learn about money and its management. A parent can teach their kid about money by opening a youth savings account with any of the leading banks. By opening a Youth savings account , children will learn about various aspects of finance like risk management, investing the power of computing, and also skills like management and how to spend wisely. Before opening a savings account for the child, parents should check all the features like the rate of interest, the offers the bank is giving out, and other support qualities. There are 2 types of a youth savings accounts – ● Savings Account – In this type of account, the kid and the parent both have joint custody over the account, and parents can monitor the transaction at all times. Once the kid turns 18, they can then change this custody or joint venture to a single event. ● Custodial Account – In this type of account, the money that is being deposited into the youth savings account cannot