This is our son's first Christmas, and he's already racked up a few hundred dollars, so I'd like to do some sort of savings account for him. Any thing I should be looking for in an account? Do you have one and how do you utilize it? I think I just want to start saving everything he receives now, before he understands he can buy things with the money, and maybe contribute $5-$10/week ourselves.
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We just have a normal Bank of America account that's just saving no checking. If we deposit $25/month there are no fees.
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We did a credit union account with a high interest rate for each girl, but most of heir money goes into their 529 accounts.
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we have a kids saver orange account with ing. its an online account and ithas great interest rate of .75%
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Most of our daughters money will go in a 529 as soon as we get her social security number. We also have a separate checking account (in our names) that is earmarked for her. Because its held at a brokerage firm we will probably purchase some stock in there soon.
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We have a basic savings account for her right now and that is where her money goes. We talk about getting a registered education savings plan but we haven't pulled the trigger yet.
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@Mrsbells: at some credit unions you can get as high as 6%! (usually until some limit... One of ours is $25,000, another is only on the first $1000.)
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We just have an account for our LO through our credit union.
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@Mrs. Jacks: wow that is a lot. I wonder if we have any in our area. Will have to look into it
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@Mrsbells: I found one in Chicago, one in Seattle and one in the bay area. You can search the national association of credit unions. Some don't require you to be local.
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@Mrs. Jacks: oh I see, but do they have a minimum amount to start the account
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@Mrsbells: usually five dollars or so
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@Mrs. Jacks: oh ok cool .Thanks for that information
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We just put all money he receives into his 529 account (college fund)
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Awesome. Thanks for the info ladies!!
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14 comments