bank account for DC?

DD christening is coming up...im not sure if i should open up a savings account or a cd for all the money and savings bonds she recieves. what did you do? where can i get the best interest?

Re: bank account for DC?

shop around. I usually play around with the kids accounts. I opened one up for them at our credit union and then I just move it around to whichever bank yields the most interest. I used to have some in CDs, but they weren't earning as much to be locked up so once they were free, I just kept moving them around.

So if I were you, I'd open up an account and put her money in there. You could always move the money into a CD or do whatever you like with it later on.

Re: bank account for DC?

Ds has a savings account, bonds, two CD's and a 529 plan right now (8 months old). I plan on keeping a nominal amount in the savings for his 'wants' when he gets older, but the majority of his money is in CD's, Bonds and a 529 right now.

Re: bank account for DC?

Check out the Orange ING account. I hear they usually have the best rates.

Re: bank account for DC?

thank you ladies...ill have to start looking around

Re: bank account for DC?

We opened a savings acct with $500 of the money and then put the rest in a 529 account.

Re: bank account for DC?

what is a 529?

Re: bank account for DC?

bethpage bank has a good account for children, high interest pecentage but i think its only until the account reaches a certain amount.

Re: bank account for DC?

we have a 529 plan for our dd

Re: bank account for DC?

Re: bank account for DC?

We opened at 529 with Christening money b/c it was a lot of money. He also has a savings account which we put other monetary gifts that he gets in.

Re: bank account for DC?

We opened a savings account just so we would have a place to put all of DD's gifts in the short term. I may open a CD or a 529 after her christening. Depends on what she gets.

I decided against an ING account for her because it's not FDIC insured, although DH and I have one for ourselves.

Re: bank account for DC?

we have a 529 and a money market account for DD.

Re: bank account for DC?

ING is FDIC Insured, this is from the website.

Safe and Secure - FDIC Insured
Your deposits at ING DIRECT are FDIC insured up to $100,000 per depositor. Keep in mind that individual and joint accounts are insured separately, so if you have both types of accounts with us, your total deposits can be insured up to $200,000; that's up to $100,000 in all of your individual accounts, and up to an additional $100,000 in all of your joint accounts. ING DIRECT's FDIC certificate number is 35489. You can learn more about the FDIC at their website, www.fdic.gov. We are registered with the FDIC under the name ING Bank, fsb.

Re: bank account for DC?

we opened an account, it was just easier.

Re: bank account for DC?

We did a money mkt...the rate was 1/4 point lower than the 60 month cd so we figured why bnother...rates are terrible right now...

Re: bank account for DC?

Re: bank account for DC?

Not a fan of the 529 plan

We have a saving account that we deposit DD"s cash/checks into then we transfer them to their ING accounts-ING yields much much better interest.

Now if only people would stop giving them bonds.

Re: bank account for DC?

We have DS's money in a cd right now (I think it actually opens this weekend) and we are going to hold it in our money market until his birthday...then we will shop around for rates with the new amount and decide where to put it.

Re: bank account for DC?

I put her Christeniing $ in a CD because at the time it had the best rate.

I put MY $$ for her into a 529, since it's tax deferred.

She has other accounts too. When the CD matures I wil look around again. But the CD had a better rate than my ING savings acct. at the time. And since I don't plan for her to use it, I don't mind it being locked up.