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eroxgirl
My Loves
Member since 5/05 15697 total posts
Name:
Rebecca
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Savings account for DC
I just got DD's social security card in the mail today so I want to open a savings account for her ASAP but I'm not sure which bank to go with. I see Bank of America has a custodial savings account but she can't access the money until she reaches 'age prescribed by law' so either 18 or 21, and I'm not sure that's what I'm looking for just yet. Or should I be looking into a 529 account? 
If you have a savings account for DC (and if it's not too personal) can you tell me which bank you went with and why? TIA!
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Posted 3/10/08 5:08 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
2BEANS
wow time is going fast.
Member since 9/07 16106 total posts
Name:
Tina
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Re: Savings account for DC
we opened dds at Bethpage federal credit union. reason: b/c its far away and that way we know we wouldnt use her money .
Message edited 3/10/2008 5:11:59 PM.
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| Posted 3/10/08 5:11 PM |
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Theresa05
Sofialiciciousssssssssssss
Member since 10/06 4891 total posts
Name:
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Re: Savings account for DC
Northfork.. just love them
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| Posted 3/10/08 5:13 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Savings account for DC
you can open an account as a trust at almost any bank. You can determine the terms unser which your DC can access the money. A 529 account is also good, but the money has to be used for higher education or you pay a penalty, so make certain that you read all of the fine print.
We used Astoria Federal for DSs accounts. He has a CD, a 529, a regular savings and a trust. All of the accounts were started by family members as gifts, and all are interest earning accounts.
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| Posted 3/10/08 5:16 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Savings account for DC
If you open a Uniform Gift to Minors (UGMA) account, she can't legally access the money without the custodian's approval until age of majority. The money can be accessed at any time but can only be used for the benefit of the minor according to IRS code. It is also subject to kiddie tax code.
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| Posted 3/10/08 5:17 PM |
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Stefanie
♥
Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Savings account for DC
We're thinking of opening up an ING account. It seems as if you get the highest interest through them.
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| Posted 3/10/08 6:05 PM |
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Re: Savings account for DC
Right now we have an ING account for DS. When DS is old enough to understand we will open him an account with Teacher's Federal Credit Union, that he can use on his own. (maybe when he is 4 or 5)
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| Posted 3/10/08 6:29 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Savings account for DC
both of ours have joint accounts (savings and CDs) with me at Teachers Federal Credit Union.
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| Posted 3/10/08 6:33 PM |
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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Re: Savings account for DC
Posted by BabySammie
we opened dds at Bethpage federal credit union. reason: b/c its far away and that way we know we wouldnt use her money .
we have the same
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| Posted 3/10/08 7:07 PM |
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Laura1
Fun in the Snow!
Member since 11/06 4512 total posts
Name:
Laura
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Re: Savings account for DC
Taylor has 2 savings accounts. One under mine and her name, and one under my dad's name and her name. We went with Commerce, no particular reason
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| Posted 3/10/08 8:58 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Savings account for DC
We went with HSBC-I have it set up to direct deposit $$ every payday since thats where our paycheck goes--so convenience sake for us.
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| Posted 3/10/08 9:07 PM |
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Hershey
LIF Adolescent
Member since 1/07 557 total posts
Name:
Marci
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Re: Savings account for DC
We did an ING savings account for her and a 529. Most of the money goes into the 529 since it earns more. The ING is more of holding spot before I get a chance to transfer the money into the 529, but it has a decent rate for a savings account.
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| Posted 3/10/08 11:21 PM |
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Re: Savings account for DC
DD is at Wachovia and DS is at Citibank. We use Citibank ourselves but when we moved their wasn't one close by so we went with Wachovia. I plan on opening an ING account for each of them.
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| Posted 3/11/08 7:38 AM |
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2PreciousBlessings
The Perfect Pair
Member since 5/06 19861 total posts
Name:
Best Wife & Mommy
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Re: Savings account for DC
Ella has a savings account and an ING account with Chase.
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| Posted 3/11/08 7:39 AM |
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my3bugs
Mom of 2 Boys
Member since 5/05 4381 total posts
Name:
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Re: Savings account for DC
We have a savings account and have the 529 for both boys. We use Chase for banking for the simple reason that is where Dh works (JPMorgan/Chase) and where our accounts are.
Message edited 3/11/2008 8:11:38 AM.
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| Posted 3/11/08 8:11 AM |
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