Have you heard about instant access savings accounts? Do you want to find the best instant access savings accounts available on the market today? If so, then this article on the three accounts that offers the best instant access savings, should peak your interest.
So what exactly are instant access savings accounts, you might ask? Well, these types of accounts allow you to access your money instantly without any penalty. You’re also able to easily move your money between different bank accounts. These accounts are excellent because they provide flexibility. Some accounts may also have a card attached which can be used for making payments or withdrawals. Many of these accounts have initial minimum deposits and minimum balances that need to be maintained. The accounts we discuss below offer the most options, the highest interest rates and the least amount of overall fees,
Here are our favorite best instant access savings accounts for childrens savings. ING has a chidrens savings account and both Discover and Ally have custodial savings.
ING Orange for Kids – This children savings account is a great option for kids. Children love having their money in a bank and it teaches them a valuable financial lesson. This account is FDIC insured and the parent is still in charge of any and all deposits or withdrawals. With ING Orange for Kids accounts, children are able to see their balance, change any personal info, switch their PIN, create and change account nicknames, and download all of their account history. Of course parents can do all of these things as well, but in addition they can transfer money, set up a personalized automatic saving plans (excellent for paying out allowance) and deposit money.
Discover Savings – This is a trusted company that has been in business for nearly 100 years. Here are a few of the key features about a Discover saving account. There’s an initial minimum deposit of $500 required. There’s no minimum monthly balance required and zero monthly fees. The interest on these accounts are compounded on a daily basis and credited to you monthly. They run an auto savers plan allowing you to automatically transfer your money out of a personal checking account into the savings account every month. Your money is FDIC insured and there is customer support available 24 hours a day and 7 days a week.
Ally Bank – This is another great instant access savings account. Ally offers these accounts with no monthly fees. Some banks may charge a fee if the money you’re depositing doesn’t come right from an employer. This account also has no minimum monthly balances and offers high interest rates. Another key feature is that Ally compounds interest daily instead of monthly or quarterly like many of the other instant access savings accounts on the market. Your money is FDIC insured and Ally Bank is well regarded for their attention to providing excellent customer service.
Hopefully, this article on the best instant access savings accounts, has given you a few options to consider when opening a future savings account for your child. Each of these instant access accounts make for excellent choices for childrens savings and you can’t go wrong with whichever one you decide on.
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