Karen’s View

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January 1, 2008

Saving for College with Bank Accounts

By karen in Finance | 0 comments

Each year the cost of attending college or an institution of higher education continues to rise. Because of this, saving for college is even more important for parents and their children. To help defer the costs for college, parents open bank accounts to save money for their children’s college education, often times before the child has even entered kindergarten.

Bank accounts (cuentas bancarias), such as a savings account, are an easy way for students and their parents to save for college and plan for the future. In a savings account, the money accrues interest each month. Typically interest rates are less than one percent, however, there are savings accounts that offer interest rates up to five percent. That is why it is important to shop around.

 

Once students decide on a college and come up with a plan on how to pay to go to school, many apply for credit cards (tarjetas de credito). Often times, students obtain a credit card in case of an emergency and to pay for expenses such as books and food since they are no longer living with their parents. A free credit card (tarjeta de credito gratis) is a good security measure for students in case they have an emergency.

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