SAVINGS ACCOUNT

Question

Have any parents opened a savings for their little one yet? If so with what bank? I’m looking for a quality high yielding savings account for my baby, and one for myself I’m currently using credit karma savings.

Answer

We setup one at Bank of America since we have accounts there as well so it will be easy to maintain and transfer into. We also setup a Florida prepaid college plan for him that we pay monthly on. Other states may have their own version but I believe the federal option is a 529 plan.

Answer

We opened one at our local credit union. My husband banks there and we have a joint savings account and our mortgage there too. 
We picked a more traditional account because we want our kids to have access to the account and learn about money that way. There are more high yield options but we wanted more flexibility

Answer

If you want a bank account with their names on it, as in it belongs to them then you can try capital one. They have accounts for children no matter the age

Answer

We have eTrade accounts for our LOs. My husband is investing their money in a couple of different bonds, which is a great option if you’re savvy with the stock market. We also have 529 plans for each of them.

Answer

We did a savings account at the credit union I work for. However the interest rate is garbage. They lowered rates due to the pandemic so you'll need to do some shopping around. I have heard that online savings accounts like Ally tend to have a better return but since covid I haven't kept up on rates much for other institutions

Answer

I would look at the reasoning for the savings account. My mom's present to us at our baby shower was making a 529 account that anyone can add money to, but only myself or my husband can take money out of. It can be used for college or trade school and you can combine kids accounts and take from one kid to put into another's (if 1 decides to go to trade school and another a more expensive school). I'd look into it if you're looking for saving for college, for sure!

SAVINGS ACCOUNT

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