Savings Account

nezwee · August 2011

DD's baptism is coming up in a few weeks and we are anticipating that some family might give checks as gifts. So this would be a prime time to open a savings account in her name. But I can't find a bank that I like that doesn't have outrageous fees. Who do you use?

TIA!

Cooper81 · August 2011

We also used our credit union, tower federal

Megcheer2 · August 2011

Another option is to start a 529 (college savings plan), which is what we did for DD. Every state has an plan and you can use whichever state's you want, even if you live in MD, but we used MD's. It's collegesavingsmd.org.

Teagiedo · August 2011

go with a credit union. no fees

shoeboxx · August 2011

I opened LO's account at ING because they have higher interest rates. The downside to it is you'll have to deposit the checks into your account and have it transfered since it's essentially an 'internet' bank.

A credit union is also a great option or ally bank...I hear they have great rates.

jadebaby · August 2011

Most banks offer minor savings accounts with no fees and no minimum balances to maintain. Check out credit unions in your area, they usually offer the highest interest rates around on savings (besides online banks like ING).

ucgrad · August 2011

We use a credit union as well.

mrs. remy · August 2011

DH and I use PNC for our checking (no fees) and we opened a minor savings account in DS's name, no fees for that either.

kelleymark82606 · August 2011

Credit Union for us as well.

Btw Ally Bank is GMAC just in case you had any bad experiences in the past.

jcsntms06 · August 2011

We opened an savings account for DD through BOA.

nezwee · August 2011

I looked into BOA (where we have our accounts) and PNC and both of them required a direct deposit or transfer from linked account monthly. DH said that if he is going to deposit money into something its going to be a college fund. So maybe I'll convince him to set up a 529 plan. Thanks for all the responses.

salc21 · August 2011

We set up a 529 too, but we have a savings account for him through Bank of America as well. We just do the minimum $25 transfer from our checking each month to avoid fees.