By Yuliya Goldshteyn, Bankrate.com Opening a savings account for your child can provide a safe place for their money and allow the funds to earn some interest — all while teaching them about banking and money management. When setting up an account for a child, parents or guardians can choose between a custodial account or a savings account designed for kids. Many financial institutions offer both options. How to open a savings account for a child Opening a savings account for a child is very similar to opening one for an adult. Here are the steps to take to open a savings account for a baby or child. 1. Choose your account There are two types of savings accounts you can open for a kid: a...
