Savings account for LO

mishquiche

I need a little guidance on this.  We would like to set up some sort of a savings account for DS.  It's not specifically for college since my ILs have set up a generous college fund for him.  I'm not sure what the best type of account would be, if it's better to have it in our name or in his, etc.  Any suggestions or advice on where I could do more research?  Thanks very much!

IkesHawaiian06

We set up a savings account for Em at a credit union. We just opened it in her name, but DH and I are both account holders because she's a minor. It's a general savings account and she can access it when she gets older.

Jas*sGirl

We too have a young savers type acct, ours is at BECU.  Its set up just like Ikes is.  In her name, but with us both listed on it.

babyaustin725

We have 2 account set up for Tillman.

One is at our credit union where he gets a good interest rate up to $500 and then just a small one after that.  

His other is with ING that will typically have a higher rate.  

At first we just did the ING one, but we decided a few months ago to get him a savings account at a local bank so he can be more involved in his banking.  He fills out his own deposit slips now and goes up to the window.  We are trying to start him early on learning about financial stuff.

Octoberlove

baby_austin7/25:

We have 2 account set up for Tillman.

One is at our credit union where he gets a good interest rate up to $500 and then just a small one after that.  

His other is with ING that will typically have a higher rate.  

At first we just did the ING one, but we decided a few months ago to get him a savings account at a local bank so he can be more involved in his banking.  He fills out his own deposit slips now and goes up to the window.  We are trying to start him early on learning about financial stuff.

Love this!  So smart!

mishquiche

baby_austin7/25:

We have 2 account set up for Tillman.

One is at our credit union where he gets a good interest rate up to $500 and then just a small one after that.  

His other is with ING that will typically have a higher rate.  

At first we just did the ING one, but we decided a few months ago to get him a savings account at a local bank so he can be more involved in his banking.  He fills out his own deposit slips now and goes up to the window.  We are trying to start him early on learning about financial stuff.

That is a great idea!

cwhip77

Right now ours is at our credit union (BECU).  It's linked to our accounts but it's in her name.  We put any monetary gifts she gets from grandparents and such.  We still need to get our affairs taken care of before we can save for her, but I'm hoping to do that someday.  We'll probably look at different saving plans then, but for now the saving account is great.  It's around a 6% interest rate for amounts under $500, then after that it drops to half a percent I think.

braveangel2

Jas*sGirl:

We too have a young savers type acct, ours is at BECU.  Its set up just like Ikes is.  In her name, but with us both listed on it.

Ditto with us. Any monetary gifts go in and we each put in$10 a month. It doesn't sound like much, but it adds up, and she'll have help when it comes to her first apartment or car or even a wedding.