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Toddlers: 12 - 24 Months
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Savings account for LO?

jcurvingjcurving
in Toddlers: 12 - 24 Months

At this point I'm not able to put much money away for my daughter but she recently turned one and received money. I want to put that money in an account but not sure was is best. Normal savings account or something else?  

 Have you started an account? If so what kind?

 

 I have not been on the boards in months and I am new to this one so Hello and thank you in advance for any response.

 

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Re: Savings account for LO?

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    jcurvingjcurving

    Not to mention. Logged in with my wrong account this is an old ones never used.  Oops but thanks again.

     

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    dairygirl19dairygirl19 member

    We opened a regular savings account at our bank with the gift money we got when she was born. We put in her holiday money, birthday money and whatever other gift funds she gets throughout the year in it as well. I'm taking full advantage of it before she knows what to do with it..ha.

    We may move into something with better interest/stock options down the road but right now I like the simple easy access and when she's old enough and wants a car/college etc. I want it to be accessible enough to her without a bunch of hoop jumping. It's also a great, easy way for her to learn about money firsthand without a lot of complicated thrown in.

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    anna&jl2011anna&jl2011 member
    We did a 529 College Savings Plan for our DS.  
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    danslilgrizzlydanslilgrizzly member
    We opened an early saver's account. It's pretty basic with no minimum balance requirement and very few penalties. Most banks I know of have an option such as this one.
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    dragon_chicadragon_chica member
    We opened up a regular savings account for both kids the moment they received monetary gifts.  We haven't decided if we want to give them access at age 18 or wait a bit a longer.  We also do something separately for their college savings.
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    jcurvingjcurving
    Thanks everyone for your input. I like idea of starting off in savings then can always move it later.  Have great rest of your weekend.
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    tbmadeamistaketbmadeamistake member
    We opened a savings account that you can open with $25, but once you hit $1k the interest improves immensely.  We each get $25 direct deposited from our paychecks put in there so that we don't have to think about it and we don't tend to miss it because it never gets into our account.  We deposit gift money as she receives and will bump it up to the $1k mark as soon as we can.  We plan on doing this with all our kids in the future as well.  What she'll have access to and when, we'll discuss when she's old enough to start asking her own money, lol!

    Married DH 7/30/11

    CSC arrived 5/7/12 

    CHC arrived 6/2/14

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    chardonnay24chardonnay24 member
    We have a college savings plan through our state, which we picked because we get a state tax deduction for contributions.
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