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notsince98
Missouri Fan
KC, MO
Member since Oct 2012
9598 posts

UGMA vs Joint for Child Savings Acct...
I would prefer to setup a joint account with each of my kids so they can participate in saving and using their money. It seems there are very few banks out there that allow a joint account like this.

There are lots of banks that allow a UGMA but I'm not sure that is what I'm looking for. This isn't for long term saving per se, it is just for them to keep their money they get for christmas, bdays, etc. and any other money they earn.

Any suggestions on which way to go?


3morereps
Illinois Fan
The Gym
Member since Jun 2015
4926 posts

re: UGMA vs Joint for Child Savings Acct...
Savings account at your local bank will do the trick. You wont want to invest in tge market if you will be using funds in short term


notsince98
Missouri Fan
KC, MO
Member since Oct 2012
9598 posts

re: UGMA vs Joint for Child Savings Acct...
quote:

Savings account at your local bank will do the trick. You wont want to invest in tge market if you will be using funds in short term


That would be a fine option if they paid interest. The online banks are offering 2-2.25% interest on savings.


3morereps
Illinois Fan
The Gym
Member since Jun 2015
4926 posts

re: UGMA vs Joint for Child Savings Acct...
What is 2-2.25% interest on a kid's allowance?

I think the ease of access and dealling with a local bank is worth the difference.


notsince98
Missouri Fan
KC, MO
Member since Oct 2012
9598 posts

re: UGMA vs Joint for Child Savings Acct...
Over ten years it would be about $1500. If rates keep going up it will be more.

Each kid has a few grand stashed away already.


3morereps
Illinois Fan
The Gym
Member since Jun 2015
4926 posts

re: UGMA vs Joint for Child Savings Acct...
If they dont need the funds for ten years, stick it in SPY.


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