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In-School Banks

One way to educate children about saving money and banking is by opening banks inside their schools, managed by students, and backed by real banks. For example, McLean, Virginia based Cardinal Financial Corporation, has been establishing banks in elementary and middle schools since 2006. These accounts are for deposits only and are only open two days per month. The accounts, called Kids Club savings accounts, have a $10 minimum deposit to open and as of April 2010, had an annual percentage of 2.51 percent interest, up to $1,000, and 0.25 percent for any amount beyond that.

Uniform Transfer Gifts to Minors Account

Uniform Transfer Gifts to Minors (UTMA) or Custodial savings accounts are bank accounts opened on behalf of a minor, under the age of 18 or 21 depending upon the state. These accounts can only have one Custodian and one minor named on each account. Once the minor reaches the age of majority all funds in the account become the property of the child. Interest earned on these accounts must be reported to the IRS by the custodian under the minor's social security number. UTMA accounts have low minimum opening balances and fairly low fees. For example, Bank of American offers a Custodial Savings account with a $25 minimum opening balance. If $300 or more is kept in the account or a transfer from another Bank of America account of at least $25 is made, there is no monthly maintenance fee (Otherwise, it is $5 per month).

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