The Importance of Children’s Bank Accounts in Jordan

Mar 16, 2019 by AmwalCom

One of the most prolific problems facing Jordanians today is poor financial education and planning. There are so many adults out there today that wish they understood how to handle money before they began dealing with it. That is why, there is nothing better than starting your child’s life on the right foot by securing their financial future. The first step you can take to make this vision a reality is to open up a children’s savings account for your kids. These bank accounts are very similar to regular savings accounts, but they come with a few extra perks. Amwalcom breaks down why you need to open a savings account for your kids today!   

Why Your Kids Need a Savings Account

Opening a savings account for your children at a young age has the following advantages: 
·Teaching your kids how to properly save money and the importance of organizing finances.
·Accumulating interest that your kids can use in the future. 
·Saving the money for a special purpose such as a college or wedding fund.
·Your children will grow as individuals after you allow them to invest in their future.
·Your children will learn patience and the importance of planning for the future.
·Your children will also begin to understand the value of money, how it is earned, and why they shouldn’t waste it.   

What do Children’s Savings Accounts Offer?

Interest: Like any other savings account, a kids savings account will allow you to accumulate interest for money deposited into the account over time. This is a very safe investment as there is no risk of losing your initial deposit. However, the interest rate on these types of accounts are low, which means that wealth will be accumulated over a long period of time.

Prizes: Opening a savings account for your children in one of Jordan’s many respected financial institutions means being put into prize draws. Prizes for children range from monetary gifts, family trips, toys, and electronics. These are a great incentive to keep your children excited about saving.

Minimal Fees: Children’s banking in general comes with a lot lower fees than adult banking. In fact, most banks will not charge you any fees for opening a savings account for your child if it is joint with yours.

Debit Card and Mobile Banking: Just like with regular savings accounts, children’s savings account will be offered with a debit card for your kids, as well as the ability to use online and mobile banking.   

Like any savings accounts, a child’s savings account requires a minimum deposit. On top of that, many banks also require a minimum monthly deposit into the account as well. Also like regular savings accounts, different children’s saving accounts from different institutions are offered with varying interest rates and minimum deposits. That is why you need to find the best option for your family before you make a decision. Find the right savings account for your kids today with the help of Amwalcom