I saw an interesting article about how starting a Savings Account for a child (in any amount) was of significant statistical benefit for that child going to college. The article, linked below, stated that they were more likely to enroll in college than someone without that early start on saving, and even more likely to complete their degree on time. The prevailing thought on why this was so was that it helped the prospective student develop a “college bound” philosophy. I’m not sure if that’s the only reason, for it may also be an indicator that a parent is helping pave the way for at least allowing for the option. Whatever the case, it shows that opening a Savings Account for your children or grandchildren not only gives them a future source of funds but also increases their potential for a successful college career.
Open up a Savings Account at any one of our convenient branches, or log onto www.ukfcu.org to find out more information about our products.
The full article.