The Family Piggy Bank

XVAmomma
bank account for my baby... advice
August 20, 2012 at 2:11 AM
I have a bank account that has savings and checks and so far I have been using the savings part for my baby's money. However I want to get him his own account something maybe with a higher percentage weven if that means money will be locked up for acertain amount of time. Do you have any suggestions?

Replies

  • catngabsmom
    August 20, 2012 at 2:21 AM
    What are you saving it for? If it is for college, then I would consider looking into the 529 college access plan.
  • XVAmomma
    August 20, 2012 at 2:31 AM
    I want to save for a few things. I would love it if he uses a portion of it for college but we aren't going to "force" college on him. We both went got our degrees and can't find decent job on our field so we make good money elsewhere. I am in tourism but studied biology; he is in Food & Beverage but studied sociology and psychology...go figure!

    will look into it...tks!


    Quoting catngabsmom:

    What are you saving it for? If it is for college, then I would consider looking into the 529 college access plan.

  • yvonne37
    August 20, 2012 at 6:38 AM

     look into CD'S too... you can set them up from months to years and they have bigger interest then a regular bank savings account.

  • cjsmom1
    by cjsmom1
    August 20, 2012 at 7:16 AM

    This

    Quoting yvonne37:

     look into CD'S too... you can set them up from months to years and they have bigger interest then a regular bank savings account.


  • MamaBear2cubs
    August 20, 2012 at 7:28 AM

    Agreed

    Quoting yvonne37:

     look into CD'S too... you can set them up from months to years and they have bigger interest then a regular bank savings account.


  • MDWife12
    August 20, 2012 at 9:18 AM

    You could do a CD :) but I think you need a certain amount to open one up....but I think the best thing you could do is to talk to your bank about different options :)

  • i.heart.myboys
    August 20, 2012 at 9:46 AM
    Looks like the girls had a good idea for you.
  • suziejax
    August 20, 2012 at 3:17 PM

    I would hunt around at different banks,, THEY want ur biz and i have seen different ones offer a better savings package for kids now adays than used to

  • momto3isme
    August 21, 2012 at 12:05 PM
    CD's
  • aj23
    by aj23
    August 21, 2012 at 12:10 PM
    I have cds and a stock account for my son. Since the money is going to sit for a while a medium risk stock investment could make a decent amount of money.

The Family Piggy Bank

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