Creating a baby account? Bankers?

Question

How do I create a baby account for my son?
I have saved up around 5,000 for my 2 month son who gets to keep until 18 yrs, but I want the money secure in the bank..
Every week I put 100
Any bankers?

Answer

I’m a banker! I would go to your bank and ask about a 529 plan. It is specially for minors and earns a lot more interest than it will in a savings or even CD and you can continue to contribute to it.

Answer

We opened a savings account and put it in our son’s name as well as our names. It was pretty simple. We needed our driver’s licenses, our SSNs, and our son’s SSN (we brought his card).

Answer

Maybe look into a CD or savings account that adds interest. When our LO is born we are going to the bank and asking about every option we have that will incur the most money over time. There is also a savings account that can be used as a tax break not sure about the details though. I bet if you walk into your bank they will talk to you about all the options you have and how to open the accounts/CDs.

Answer

Not a banker.  We opened a savings. When we did it had a best  interest rate. Go in and talk to a banker.  They can look up the interest rate for all the different types of ways to save.  CDs saving.

Answer

I did account work for a couple different banks!
I would either do a money market account or find a bank that has a good children’s savings account. A CD typically does not allow for monthly deposits and especially not early withdrawals (in a worst case scenario that you needed the money). Many banks also have specials on children’s accounts specifically for this reason. Call around different banks and see what they have - just don’t let them talk you into getting the account before you’re ready because some can be very convincing of an account that’s not very good.

Answer

. Hello,  banker here.   To open a custodial savings account you need the child's name, date of birth and ssn...  ask about CD rates while you're there.

Answer

You have to have their birth certificate, but you just walk into a bank and open a savings account for them. We transfer a certain amount of money into the account every week and will give the child the account when they go to college or turn 18 whatever path they chose.

Answer

I'm not a banker, but your money might be better kept in a guaranteed interest accruing sort of account, like a CD. There are a few different options for investment type accounts that are federally insured and low risk in that respect. They won't turn into millions, but it won't just be money sitting there, doing nothing for 18 years. It would be worth discussing with whoever you bank with to see what options they have available.

Creating a baby account? Bankers?

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