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Message
Savings account for kids
Posted on 1/23/18 at 9:44 pm
Posted on 1/23/18 at 9:44 pm
My dad left $3500 for each of my kids (1 and 2 yrs old). What would be the best option to save and add to this starter fund for my kids?
4
Posted on 1/23/18 at 9:50 pm to LSU Tigershark
Mutual Fund or if you're really risk adverse some sort of low return investment vehicle (bond, etc.). If you put it in a savings account it'll be worth less then than it is now due to the essentially nonexistent interest rates, and if you don't make a contribution yearly it'll probably be marked abandoned and you'll have to recover it from the state.
Posted on 1/23/18 at 10:30 pm to LSU Tigershark
Tigershark... are you a Louisiana resident?
If so... you can look at Louisian State prepaid plans or a 529 College Savings plan.
Research both of those options or shoot a question back.
If so... you can look at Louisian State prepaid plans or a 529 College Savings plan.
Research both of those options or shoot a question back.
Posted on 1/23/18 at 11:00 pm to LSUcam7
I am a Louisiana resident. I'll look into that
Posted on 1/24/18 at 7:33 am to LSU Tigershark
Pretty sure they need a social security number and be 18 for any type of mutual fund.
two options that I know of, would be
A 529 for their education would be one way to go.
An online high yield savings account (1.35% - 1.55%) ones are everywhere. Citbank is one I use.
Interested to see what other options people know of. Its an area of interest for me soon.
two options that I know of, would be
A 529 for their education would be one way to go.
An online high yield savings account (1.35% - 1.55%) ones are everywhere. Citbank is one I use.
Interested to see what other options people know of. Its an area of interest for me soon.
Posted on 1/24/18 at 7:35 am to LSU Tigershark
Louisiana START 529 savings program.
Posted on 1/24/18 at 8:26 am to Superquincy
You can definitely set up an UGMA/UTMA account and have minors invested in stocks/mutual funds.
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