is the best online bank for kids. With low minimums and ease of use, it makes sense to consider ING if you want to establish a bank account online.
Fees and Requirements:
The best feature about ING Direct is the requirements. There are no fees or minimum balances to maintain. It's the perfect setup for a child's account.
Because ING is an online bank, the interest rates
are usually higher than local banks.
Ease of Use:
The easiest way to establish an account at ING is to link it to your current checking account
. When your children deposit money, you can do so locally and transfer it online to their savings account with ease.
Programs for Kids:
ING also features Planet Orange
devoted to helping kids learn about saving money.
A great feature about ING Direct is the ability to transfer money to CDs
, which also have no minimums. When your kids are infants, and won't be accessing their money for awhile, you can earn extra interest. In addition, ING conveniently links to Sharebuilder
to establish an investment account for your children in small amounts.
If you want a local bank to be able to take your child to deposit their coins, you may want to consider a credit union.