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PhillyGirl
LIF Adolescent
Member since 8/09 890 total posts
Name:
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Bank accounts for children
Other than a 529, what kind of bank account did you open for DC?
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Posted 8/2/10 10:44 AM  |
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youngmama
LIF Adolescent
Member since 4/06 530 total posts
Name:
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Re: Bank accounts for children
We have money in a cd and we really like to buy EE bonds for her right now. We also have a youth account through a credit union that gave us 4 percent on the first 1k, it's alot easier to add to it, since we can transfer right from our bank accounts into hers.
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| Posted 8/2/10 10:47 AM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: Bank accounts for children
Each kid has:
529,a custodial brokerage acct and a custodial bank account, and some EE bonds from relatives.
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| Posted 8/2/10 10:53 AM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: Bank accounts for children
we have a 529 and a childrens savings with NEFCU 
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| Posted 8/2/10 11:04 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Bank accounts for children
we have a college account as well as a regular custodial account.
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| Posted 8/2/10 11:06 AM |
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Elizabeth
Mom of Three
Member since 9/05 7900 total posts
Name:
"MOMMY!!!"
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Re: Bank accounts for children
Posted by angnick
we have a college account as well as a regular custodial account.
Same here. I have my kids custodial accounts at TD bc they like to bring in their money to put it in the machine. Then we put it in their accounts so they get to experience the process as well. We switch that $$ over to their 529 a couple times a year.
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| Posted 8/2/10 1:03 PM |
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Re: Bank accounts for children
We opened an interest bearing checking for DD. Eventually we will move the money into a money market, but we are going to keep the checking account for her because it will always be a free account. My parents also started a 529 for her and we will do the same next year.
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| Posted 8/2/10 1:27 PM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: Bank accounts for children
No 529's just bank accounts. Personally I dont like the idea of 529, what if my son decides to start a business instead of college, I dont want to be locked into anything.
Message edited 8/2/2010 1:31:18 PM.
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| Posted 8/2/10 1:30 PM |
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Re: Bank accounts for children
You can open a savings acct, buy bonds, get cd's... I'm sure if you go to the bank and talk to a knowledgeable customer service rep, they can give you all your options too plus the interest rates, etc.
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| Posted 8/2/10 2:50 PM |
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