Author Topic: Kids Savings Accounts?  (Read 1765 times)

Thegoblinchief

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Kids Savings Accounts?
« on: December 21, 2013, 06:35:56 AM »
Is there anything worthwhile for kids' savings with interest rates so pathetic? My local bank has a kids' savings account with "fun rewards" but a APY of 0.01%.

Alternately, while 529 isn't a great option in my state (and I'm not sure if I'll push my kids towards traditional college anyways), I will have enough to open a joint investment account for my 3 kids soon. Any gift money would go straight in there, plus a little bit every year from us. When they each get 18, I'd withdraw roughly a third of the balance to make it fair.

Appreciate any thoughts and recommendations!

Fuyu

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Re: Kids Savings Accounts?
« Reply #1 on: December 21, 2013, 08:32:23 AM »

Undecided

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Re: Kids Savings Accounts?
« Reply #2 on: December 21, 2013, 10:09:10 PM »
Is there anything worthwhile for kids' savings with interest rates so pathetic? My local bank has a kids' savings account with "fun rewards" but a APY of 0.01%.

Alternately, while 529 isn't a great option in my state (and I'm not sure if I'll push my kids towards traditional college anyways), I will have enough to open a joint investment account for my 3 kids soon. Any gift money would go straight in there, plus a little bit every year from us. When they each get 18, I'd withdraw roughly a third of the balance to make it fair.

Appreciate any thoughts and recommendations!

I use the local credit union for my kids' savings, and once the older one had enough, we opened a Vanguard account for him.