ING Direct: Best Savings Account for Kids

Photo by theritters

Few habits are as important to instill in our children as saving money.  And let’s face it, discussions about finance, banking and saving money are not all that exciting to most kids.  But ING Direct has a high yield saving product designed especially for the online generation. 

Daily Interest Tracking

The ING Direct Orange Savings account is one of the best online banking products around.  We opened an ING account for our family savings a few months ago and have enjoyed the features ING offers.  From a kid’s perspective, one of the most exciting features in ING Direct’s online interface is the “Interest Earned This Month” field that shows the cumulative interest accrued each day for the current month.  With most interest-bearing accounts you are forced to wait until the end of the month to save how much interest you earned.  Not so with ING Direct.  Their interest field updates daily, and is a great way to introduce kids to the power of compounding interest.

Creating Sub-Accounts

Another great feature of the Orange Savings Account is the ability to create multiple accounts from a single login.  These “subaccounts,” as they are frequently referred to, allow customers to create individualized accounts right down the description that displays online.  For instance, you could set up a savings account for your child labeled “New Bike” where they will save money earned by doing chores.  This could be separate from a child’s “Giving” account, or an older child’s “Back to School” account.  Allowing kids to watch their balances grow for specific goals is great visual reinforcement and goes a long way towards teaching them the importance of saving and investing.

You may sign up for an ING Direct Savings account here.  With enhanced security features, top-notch customer service, and a great online banking interface, I guarantee you will not be disappointed.