My MIL set up savings accounts for the kids at BofA but is closing her accounts along with theirs because of all these fees I guess they want to charge. She is turning the money over to my DH and we were a little unsure of what to do. Someone told him to get CDs but I was just planning on opening a savings account at ING. Is that the best option?
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Re: Savings Account for Kids
Do you have an account at a mutual fund company? If the money is for say 15 yrs away then why not invest it for them? In a 529 if it's meant for college?
Christmas 2011
Depends on when you expect your kids to dip into the money. We set up a small savings account that he puts $2 of is $3 when he gets cards from family. When he's older and asks for a video game or whatnot, he can use his savings account.
DS also has an IRA set up for larger contributions from my parents.
My credit union allows me to set up a custodial account that pays 7% APY up to the first $500 which is good if you would like easy access to the money. Otherwise, I would recommned either a 529 account and/or an online savings account like ING.
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