May 30, 2008
Savings Account
We started having a savings account for our daughter just after she turned one. Afterall, she does get a check from the government till she is 16 yrs old.. and to use it . .it would not be right. We feel that doing it now.. when she is young, it would only means that she gets a head start for her college or university.. or when she decides to travel the world.. before she starts working. We all have big hopes for our children.. i am sure.
We are currently looking into online savings for her because we are always busy at work and sometimes the cheques sit in our home for a few weeks before it gets into her bank. But with online banking, we can just transfer it from our own to hers.. without any delay. Plus when she is older, it is going to be a breeze for her too. There are many benefits to using an online savings account, not only does it saves time, it saves money and effort too. No more queuing . . and no more having to worry about bad weather.
When you maintain a minimum balance of $300, you will never be charged a service charge but even if you are it’s only $4. You get to do all your transactions online and get your electronic statement for free. And when the kid is older and needs a checking account, she can easily link her online savings account to a WaMu checking account. If you are thinking of a savings account for your children, why not check WaMu out.
