One of the online banks that always seem to change (for the better) with the times is ING Direct. Year in and year out, customers rave about the functionality and customer service they receive from ING Direct and their Online Savings, Electric Orange Checking and Orange CD accounts continue to offer competitive interest rates.
Update: ING Direct is now Capital One 360.
About a week ago, ING Direct announced a new feature designed to help parents and children learn about money together. MONEY from ING Direct is an online savings account which is tied to a debit card that both parents and teens will have access to. Parents can monitor their teens spending habits while teens will have access to use the card within the parameters their parents allow. At the end of the month, parents are encouraged to sit down with their children and discuss everything they can about this account.
Some of the benefits that teens and parents will have by signing up for this account are:
- No fees, no minimums
- Manage money online or via smartphone app
- Use anywhere MasterCard® is accepted
- Access to over 35,000 fee-free ATMs
Unfortunately, this new MONEY feature is not yet available, although ING Direct expects it to be ready soon. To stay connected and receive updates on when this new savings account will become available, you need to fill out a simple form with your name and email address.
My parents never actually sat down with me and went through the ins and outs of money but they did teach me the value of a dollar earned. Through hard work and a little bit of study I figured out how to save what I needed for the things I wanted but … then decided to forget everything and go to a private University where I buried myself in a mountain of debt I’m not just getting out of.
If you have a son or daughter that could benefit from learning about money at a young age, you may want to consider becoming an ING Direct customer and using their MONEY feature when it becomes available. It’s a great way to give your kids a few pointers on a very important future topic, while staying connected with them.