Online Savings Accounts - High Rate CD Accounts | Kidssavingsaccount.info » Savings Account for Kids

Savings Accounts for Children | Steps and Tips to Opening an Account

High Return Savings Account — Sat, 17 Oct 2009 14:07:05 +0000

Some parents don’t open online savings accounts for children because they are concerned or wary about making transactions online – and with some good reason. On the other hand there are some reasons which are unwarranted and other reasons in favor of working with accounts online that it still makes sense to do so. If you’ve been unsure as to whether to open savings accounts for children in your household, here are a few things you can expect to go through to open an account online for your child. In order to complete this process you’ll need an email account. You can get a free one at yahoo.com or gmail.com or hotmail.com. Any will do. Keep your email address handy as you’ll need it throughout this process. Preparing to Open an Online Account – Step 1: A Local Bank Account In order to most effectively use an online account, whether savings accounts for children or your own IRA or brokerage account, you need a local bank to act as a liason between you and your online account. Find a local bank that offers free a checking or savings account, open an account there and wait for your initial deposit to [...]

Savings Accounts for Children | Steps and Tips to Opening an Account is a post from: Online Savings Accounts - High Rate CD Accounts | Kidssavingsaccount.info

High Interest Savings Accounts | FDIC Insured and Why That’s Not Enough

High Return Savings Account — Wed, 30 Sep 2009 22:14:21 +0000

High interest savings accounts, FDIC insured or not, are vulnerable to the same sorts of liquidity interruptions as any other FDIC insured account… only now the FDIC is starting to ask banks for money in advance. Why is that do you suppose? While regulators and prominent figures such as Fed Chairman Ben Bernanke talk about the improving economy and slowing growth in unemployment the line workers at the Fed are still busy closing banks. Talk About Better Times Ahead While the Minions Do the Dark Work of Winding Down Insolvent Banks Since the collapse of Lehman last September the Fed has closed down (at last look) 92 banks in 2009. Why does it seem odd to be talking about an improving economy in the face of more bank closings? Because it IS odd. What the Fed doesn’t want to talk about is that it’s regulators and auditors are still working through the flailing psuedo-solvent banks that are being allowed to quietly and slowly grind to a halt rather than cause a panic and a general run on the banking system. What Does This Mean for the Average High Interest Savings Accounts FDIC Insured Saver? What this means for average saver [...]

High Interest Savings Accounts | FDIC Insured and Why That’s Not Enough is a post from: Online Savings Accounts - High Rate CD Accounts | Kidssavingsaccount.info

High Yield Savings Account | Why Bother at Present Rates?

High Return Savings Account — Fri, 25 Sep 2009 12:26:01 +0000

People ask me why open a high yield savings account these days when rates are only 1.35%? In all fairness that is a good question, because there are plenty of higher paying CDs out there – but CDs as we know have their problems too. Making a decision to open a high yield savings account when rates are so despondently low these days doesn’t seem like a good use of spare cash – but there are benefits to doing it. Let’s look at a few reasons. Inflation May Be at Historic Lows Presently I recently saw in my savings bond email that the inflation rate for the inflation adjusted savings bonds I own was actually negative for parts of the last twelve months, indicating that we experienced a period of DE-flation. Deflation was one of the great cataclysms of the Great Depression of the 1930s. Deflation is a price scenario when the price of goods is dropping (think automobiles over the last year) and yet no one is buying. Note that automobile sales didn’t pick up until the government stepped in and started shelling out cash for clunkers to get cars moving. Watch what happens to auto sales once the money [...]

High Yield Savings Account | Why Bother at Present Rates? is a post from: Online Savings Accounts - High Rate CD Accounts | Kidssavingsaccount.info

High Interest Savings Account Online | What’s The Big Deal Anyway

High Return Savings Account — Thu, 24 Sep 2009 19:18:13 +0000

A high interest savings account online makes a lot of sense when you have your finances squared away and have the ability to stash your non-emergency cash in a better yielding account. This online savings account is not for the money you need to pay bills or to provide emergency liquidity in the face of ill-timed payments and bills. This high interest savings account online is only for that cash which you hold in reserve for times when income is interrupted or when really big bills come in, such as a needing a new refridgerator or perhaps significant auto repairs. Expenses like those are (hopefully) sporadic, and usually are payable either in installments or with a short term use of a credit (which you pay off at the end of the month, of course). Sometimes Two Accounts Are Better Than One I actually opt to have not one high interest savings account online, but two. Differences in interest rates today aren’t that high because the Fed Funds rate is at a historic low right now, but when monetary policy tightens and interest rates go up, then differences in rates between local and online banks become much greater. Sometimes special offers at one [...]

High Interest Savings Account Online | What’s The Big Deal Anyway is a post from: Online Savings Accounts - High Rate CD Accounts | Kidssavingsaccount.info

Saving Account Interest Rate Data | What’s It All Mean Anyway?

High Return Savings Account — Wed, 23 Sep 2009 03:14:42 +0000

Saving account interest rate information floods our homes and our television screens and in today’s environment it just doesn’t seem to add up to much of anything. I mean right now rates are so low that even a typical ‘high yield’ saving account interest rate is running about 1.5%. I don’t think anyone on a fixed income is going to be living high on the hog with that kind of saving account interest rate are they? So Why Bother With an Online Account? Good question, but there certainly is a valid reason. Online or so-called ‘high yield’ saving accounts actually do perform substantially better than local savings accounts over time, it’s just hard to differentiate between the two right now because rates are so low. As rates recover what you find is that while the average savings rate stay flat at the present low rates (average rate for all savings accounts is about 0.3% – highway robbery in my humble opinion), the online bank rates will rise and fall with the Federal Reserve rate. Mortgage Rates Jump with Fed Rate Yet Savings Account Interest Rate Data Shows Local Saving Rates Don’t. Why? This is another good question. Why DO local [...]

Saving Account Interest Rate Data | What’s It All Mean Anyway? is a post from: Online Savings Accounts - High Rate CD Accounts | Kidssavingsaccount.info

High Interest Internet Savings Accounts | Great Savings Incentive for Families

High Return Savings Account — Sat, 12 Sep 2009 00:22:04 +0000

Most families are discovering high interest internet savings accounts and how easy they are to set up and maintain. It doesn’t take a lot of effort to set up an account online… a few mouse clicks, some basic personal data, and links to your local checking or savings account to make it easy to move funds back and forth. Simple enough? How Families Are Benefitting from High Interest Internet Savings Accounts The great savings account rate advantage offered by high interest internet savings accounts gives families the incentive to overcome significant hurdles to greater financial awareness. Many of the skills required to set up and move money around into high interest internet savings accounts are the same skills needed to set up and manage a personal IRA account, or other retirement account. Likewise given that local banks now have nearly complete integration with financial services programs like Quicken and Microsoft Money, those same programs work in just the same way with high interest internet savings accounts. Another way families are benefitting from having an online savings account is the buffer those accounts create between the family and the immediately available cash for purchases. Funds that aren’t immediately available to withdraw [...]

High Interest Internet Savings Accounts | Great Savings Incentive for Families is a post from: Online Savings Accounts - High Rate CD Accounts | Kidssavingsaccount.info

Best Savings Account for Kids | Online, High Rate, and Linked to Local

High Return Savings Account — Wed, 09 Sep 2009 14:30:56 +0000

People frequently ask me what is the best savings account for kids and I figured at this point I may as well write a post about it. I like to talk and write alot about teaching home finance to kids and adults and the basic workings of moving money around efficiently using online savings accounts are really good low risk ways to teach all the skills necessary for bigger topics later. Topics common to most people wanting to live the American dream might include how to prepare your finances to buy yor first home, or how to manage credit cards and such. In truth in order to learn my methods you need to learn to walk before you can run. In this post we start with a little walking. Do Online Banks Offer the Best Savings Account for Kids? I believe the best savings account for kids is an online account linked back to a local savings account. I think it is important very early on to educate children about the differences between rates of return and the usefulness of both types of banks (local and online). Both types of saving and loan banks serve a purpose for families and [...]

Best Savings Account for Kids | Online, High Rate, and Linked to Local is a post from: Online Savings Accounts - High Rate CD Accounts | Kidssavingsaccount.info

Checking and Savings Account | Tips for Keeping the Ship Afloat

High Return Savings Account — Mon, 24 Aug 2009 14:30:18 +0000

The modern household typically has a checking and savings account at a local bank. Although many of my friends make a considerable living, they still manage to run into short term duress on occasion. Problems with a checking and savings account can creep up when you least expect it. A fire can damage your house. The oil man unexpectedly shows up. The refridgerator croaks. It happens. Just because the wheels come off some piece of machinery in your life doesn’t mean you should be suddenly scrambling for money. Planning for a Rainy Day with Good Automated Checking and Savings Account Management I can’t tell you how to run your household, I don’t know how much money you make, I don’t know what your bills are. What I do know is that I have developed a formula for me that has worked well for nearly two decades now – and it may be of use to you. Some of these ideas I gleaned from books I’ve read. Others I’ve kind of had to pick up on my own. What’s important is to have a fundamental model for managing your basic cash needs and coming to mutual agreement with other family members about [...]

Checking and Savings Account | Tips for Keeping the Ship Afloat is a post from: Online Savings Accounts - High Rate CD Accounts | Kidssavingsaccount.info

Kids Savings Accounts | Why Smart Parents Set Them Up

High Return Savings Account — Sun, 23 Aug 2009 01:36:52 +0000

Smart parents know setting up kids savings accounts for their children will give them a lifelong advantage over children without them. Public education in the United States is woefully devoid of even the most rudimentary financial basics as writing checks, managing a checking account, credit cards, and home budgeting. While there certainly many cultures that don’t get this basic education – most of the cultures that don’t are third world countries. American Kids Who Lack Basic Financial Education Fall Behind Why we choose not to require our children to master the basics of managing their personal finances is beyond me, but that doesn’t mean we can’t teach our children what they need to know to function financially in our society. There is no reason it can’t start early with kids savings accounts, play time with games like Monopoly and Payday, and one on one conversations where children’s demands are turned into simple learning exercises. Making Learning about Savings Accounts Fun One of my favorite learning exercises takes the kids savings accounts and makes the interest earnings more tangible by converting them into gumdrops (or whatever your child’s favorite candy is). It doesn’t take a lot of fancy math to make this [...]

Kids Savings Accounts | Why Smart Parents Set Them Up is a post from: Online Savings Accounts - High Rate CD Accounts | Kidssavingsaccount.info