Family Saving, Part 1: Inspire Your Kids to Save Money
Money and Your Child: Savings Accounts “In Trust” With Ally Bank
As a parent, you know it s vital to teach your children the importance of personal finance and fiscal responsibility. And what s the most important money rule you can instill in your kids? Many people out there, from parents to financial experts, would say the same thing: saving.
Many kids get their first taste of earning power when they receive that first allowance. If you give your child an allowance, you probably have talked with him or her about setting aside part of the money. The importance of saving for something like a new video game can be a lasting lesson your child carries throughout life.
It may be a good idea to set up a bank account for your child so he or she can learn firsthand about the benefits of earning interest as well as accumulating principal. Although many banks may offer what they call a child savings account, often the benefits of such accounts don t go much beyond the free piggy bank your child may get for signing up.
To maximize the benefits your child receives for saving money, you may want to consider an In-Trust-For (ITF) or custodial account, like the ones offered by Ally Bank. Your child s money will earn a competitive rate of interest with no monthly maintenance fee, as long as you stay within the federal limit on certain withdrawal transactions. Plus, there s no minimum balance to open the account.
If you consistently encourage your children to set aside part of their earnings, by the time they land those first part-time jobs, they ll already be in the habit of saving. And they ll have the skills they need to be prepared for the unexpected and save for the future.
Ally Bank has products designed to help you reach a variety of savings goals. All our accounts can be opened by a parent in-trust-for a child or teenager or as a custodial account, whichever you choose. Our CDs feature a variety of benefits, including what are consistently some of the most competitive rates available, as published by Bankrate.com. We also offer an Online Savings Account and a Money Market Account. Take a look at what we have to offer and see how great it can be to do business with an online bank.
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Learn About the Risks of Options Trading
Options involve risk and are not suitable for all investors. Options investors may lose the entire amount of their investment in a relatively short period of time.
Prior to buying or selling options, investors must read a copy of the Characteristics and Risks of Standardized Options brochure (PDF), also known as the options disclosure document. It explains the characteristics and risks of exchange traded options.
You can also request a printed version by calling us at 1-855-880-2559 .
A few things you should know
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company and a top 25 U.S. financial holding company offering financial products for consumers, businesses, automotive dealers and corporate clients. Ally Bank, the company’s direct banking subsidiary, offers an array of banking products and services.
Deposit products (“Bank Accounts” on Ally.com) are offered by Ally Bank, Member FDIC. In addition, mortgage products are offered by Ally Bank, Equal Housing Lender . NMLS ID 181005. Credit and collateral are subject to approval and additional terms and conditions apply. Programs, rates and terms and conditions are subject to change at any time without notice.
The Ally CashBack Credit Card is issued by TD Bank, N.A.
Securities products and services are offered through Ally Invest Securities LLC, member FINRA and SIPC.
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Options involve risk and are not suitable for all investors. Review the Characteristics and Risks of Standardized Options brochure before you begin trading options. Options investors may lose the entire amount of their investment in a relatively short period of time.
Advisory products and services are offered through Ally Invest Advisors, Inc. an SEC registered investment advisor. Brokerage accounts are serviced by Ally Invest Securities LLC and advisory client account assets are kept in custody with Apex Clearing Corporation, members FINRA and SIPC. View all Advisory disclosures
Foreign exchange (Forex) products and services are offered to self-directed investors through Ally Invest Forex LLC. Ally Invest Forex LLC, NFA Member (ID #0408077), acts as an introducing broker to GAIN Capital Group, LLC (“GAIN Capital”), a registered FCM/RFED and NFA Member (ID #0339826). Your forex account is held and maintained at GAIN.
Ally Invest Forex LLC and Ally Financial Inc. are separate, but affiliated companies. View all Forex disclosures
Futures trading services are provided by Ally Invest Futures LLC member NFA. Trading privileges are subject to review and approval. Not all clients will qualify. View all Futures disclosures
Forex, futures, options and other leveraged products involve significant risk of loss and may not be suitable for all investors. Products that are traded on margin carry a risk that you may lose more than your initial deposit. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act.
Forex and futures accounts are NOT PROTECTED by the Securities Investor Protection Corporation (SIPC).
Products offered by Ally Invest, but not limited to, Ally Invest Advisors, Ally Invest Securities, Ally Invest Forex, and Ally Invest Futures are NOT FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE VALUE.
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