Opening bank account

Re: Opening bank account

• BransonsBecca member

  December 2012

  We just did a regular savings to start for our DD. Both our names are on it and DDs. We just needed her social to get her name on the account but banks might be different so I might call ahead and ask!

  
  
  
  
  
  
  
  
  
  
  
  
  

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• bigbootyjudi member

  December 2012

  My mom is starting one for him through Charter One. They have a college savings account for babies. After 18 years, they give you 1,000 dollars. Not much, but free money for doing what you were going to do anyways! The account cannot be touched until then. She just needed his SSN.

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• heatherjesse member

  December 2012

  You could also look into your state's 529 college savings plan.  Most are set up so that you pay for college tuition at the current rate and essentially buy credits, then you can cash in the credits no matter what tuition is later.  Basically free money if your kid goes to a designated state school (not necessarily a 4 year university some include trade schools and community colleges too) otherwise it's just a regular savings account and you can get your money back.  We opened one for DS with just his SSN and mine in Pennsylvania.  There was no fee for starting it since he was less than 6 months old, and contributions can be made by anyone at anytime in amounts as little as $15.

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• Eastie156 member

  December 2012

  We just did a basic savings account. IL's started a college savings account for LO, so we aren't going to do anything else right now.

  
  

                                                      [MC 11.20.11] [DS born 9.24.12] [DD born 10.15.14]

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• melody921 member

  December 2012

  We have a savings account that's in our names for each of the kids. Whenever those accounts hit above $1,000, we transfer money to their 529s.

  
  

  

  
  

  
  

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• caballablanca member

  December 2012

  Basic savings would be the way to go. Since they are minors you would have to have a custodian on the account.  Most the time its the parents, but you can have an aunt or uncle or grandmother too if you want.  Most banks will want something like the birth certificate and/or ss card for ID.  The bank I work for will take tribal cards too as ID (my daughter is 1/4 native american).  529's are great for saving for college, but there are stipulations with them like they have to be used for higher education purposes otherwise the gov't will put a penalty on any withdrawls.  Also they are investments, so they could lose value.

  
  
  

  

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