Student Banking After 2011 Graduation: Possible or not?

Parents should initiate in giving added responsibilities to their kids especially after graduating in High School. Encouraging them to take a step in saving for their future is so important.  Graduation is one of the most exciting parts of life. It is one of the most celebrated occasions most students are anticipating. While there are a lot of things to do and get busy because of the occasion, the need to impose certain responsibilities to kids is also needed during this time.

Introducing savings account to kids won’t be a big problem. In fact, the advent of technology will also be helpful. There are banks that are offering online facilities for those who would like to find out the most convenient way for them to save money. If you will be conducting a savings account survey according to a bank expert, you will see that there are actually banks that are offering interest rates that go beyond the usual.

Most banks are offering more than 5% interest rate on online savings account. In the past years, the discussion for this type of offer became so hot and lots of experts were alarmed and keep asking themselves if this is true or not. The usual way to acquire a savings account for students is so easy. They just need to go to the bank, fill out the form and the bank employee will tell them about the account functions and features. Kids need to know the importance of money and they should learn how to become responsible.

But according to a bank expert in New York, parents should also shop around for savings account that is not a scam and would make the child learn how to become wise in managing his/her money even without the help coming from the parent. Since the bank will just be there to assist, sometimes they don’t ask questions anymore but they just approve the application of course with the parent as the guardian of the child. Students are only required to acquire low minimum balances for savings account. There are lots of banks out there that offer great deals for students who want to save.

The interest rate of legitimate banks now are not so inviting and interesting to consumers but that would be fine compared to bigger interest rate and losing all the money that you have in the bank because of bank run or closure because of the fraudulent act by the bank. The government doesn’t really want to encourage people to invest in savings account because they want them to put their money in the stock market to be able to provide help as well to the economy of the country. Shopping can also be one way to give government extra funds.