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Starting a childs savings account
Posted on 10/30/13 at 10:25 am
Posted on 10/30/13 at 10:25 am
I'm sure it has been discussed on here but not sure what to search for.
Just had my childs first birthday party and received some checks for various amounts. What is the best way to go about setting up an account where I can deposit these checks and have the account in the childs name. I am thinking for future gifts I could simply have the account number available for those that wish to contribute.
I am looking for something fairly easy to get started.
TIA
Just had my childs first birthday party and received some checks for various amounts. What is the best way to go about setting up an account where I can deposit these checks and have the account in the childs name. I am thinking for future gifts I could simply have the account number available for those that wish to contribute.
I am looking for something fairly easy to get started.
TIA
1
Posted on 10/30/13 at 10:38 am to lesmiles13
This is a good place to start an account. All of my kids birthday checks etc go here. They match a certain amount and I get a small tax break.
Posted on 10/30/13 at 10:51 am to fatboydave
I think I have heard of that option. Can you tell me a bit more about it? Can you pull the money out at any time without a penalty? What if they don't go to college in LA? Can it only be used for college?
Posted on 10/30/13 at 11:04 am to lesmiles13
Just put money in Coke, GE, other blue chips. You'll get a lot more on your return over those 18 years.
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