10-Minute Money Tune-Ups

Open a Savings Account for Your Kid

One of the best ways to get your kid started on the right financial track is to open a savings account for her. Minors will need custodial savings accounts. The name might sound foreboding, but you can open one of these babies online in under ten minutes. You’ll likely get the best interest rate at online-only banks like Ally or ING, but you might choose to open an account at a bank with brick-and-mortar branches if you want your children to have the experience of walking in and handing over money to deposit.