RateAPY

Special Holiday Gift Idea

Posted by: RateAPY Bank Rates News
December 1st, 2009

You might think that the young person in your life will call you a square if you give them an online savings account as a holiday gift–but believe it or not, saving money is becoming trendy. Americans are saving at a far higher rate than in past years. The Great Recession has taught many not to rely on credit and to have liquid reserves for a rainy day.

Take this opportunity to teach a young person the value of savings as a way to survive a recession or downturn in the economy. Getting them excited about saving money is one of the greatest gifts you could give.

Gifting a Savings Account

To give this gift in a meaningful way, consider the following:

• Use the recipient’s address for the savings statements so that with each statement, the thought of your gift is renewed and the recipient gets to see the money grow.
• Add to the savings account in future holidays to share in the experience over and over again.
• Talk to the recipient about why saving for a rainy day is smart.