Opening a joint savings account with your elderly parents can be a mutually beneficial financial decision. For your parents, it can mean you're able to help them take care of expenses while they're out enjoying their golden years. And for you, it can mean the peace of mind that comes from knowing you're there to help protect their money, especially if health issues become a factor.
But before you open a joint savings account for its potential advantages, be sure you understand the risks, too. It may be a good idea to consult a financial planner to discuss potential tax issues, beneficiary designations, and so on. After all, if you're opening a joint savings account, you're essentially saying, "both of us own this money, and both of us have rights to it." As a result, you both have certain responsibilities as well.
If opening a joint savings account makes sense for you, take a look at Ally Bank. With an Ally Bank Online Savings Account, you can open and fund with any amount and earn some of the most competitive interest rates in the country. We don't charge monthly maintenance fees and your deposits come with the security of being insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law.
Learn more at Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.