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kristen10
LIF Toddler
Member since 5/13 384 total posts
Name:
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Saving's Account for children
What do I set up? I want to start putting money aside for the kids but I don't know what to ask for.
TIA!
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Posted 9/19/14 2:06 PM  |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Saving's Account for children
I just went into my bank and said I wanted an account for my son and It is in his name but I and the custodian listed on it. I just need DS's SS#
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| Posted 9/19/14 2:09 PM |
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KGools
Happy
Member since 9/06 9532 total posts
Name:
Kim
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Re: Saving's Account for children
Right now, we just have custodial accounts for them. Anyone can deposit but only one person can withdraw.
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| Posted 9/19/14 2:09 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Saving's Account for children
I started off with a capital one 360 savings acct for dd... As per our accountants recommendations, we will be transferring funds to a Roth IRA instead... You can contribute up to $5500 per year and the money contributed can be withdrawn any time for any reason without penalties. It will be in your name so you can do with it what you please. Should your kid not need it for college/car/wedding etc, it can be your retirement savings. Ask your advisor for more info.
Message edited 9/19/2014 2:13:20 PM.
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| Posted 9/19/14 2:12 PM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: Saving's Account for children
Posted by MaZz
I started off with a capital one 360 savings acct for dd... As per our accountants recommendations, we will be transferring funds to a Roth IRA instead... You can contribute up to $5500 per year and the money contributed can be withdrawn any time for any reason without penalties. It will be in your name so you can do with it what you please. Should your kid not need it for college/car/wedding etc, it can be your retirement savings. Ask your advisor for more info.
We did the same, a Roth IRA plus a regular brokerage account. Everything in my name, because you never know !
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| Posted 9/19/14 7:09 PM |
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ChristinaM128
LIF Adult
Member since 8/12 4043 total posts
Name:
Christina
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Re: Saving's Account for children
We just went to our bank (nefcu) and opened up a dollar dog kids savings account. The interest rate is actually pretty decent, considering what's out there. Dd's name is on the acct as is both DH and mine.
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| Posted 9/19/14 9:59 PM |
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Leb
LIF Adult
Member since 12/09 4166 total posts
Name:
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Saving's Account for children
Bethpage has a youth account where you get 4% back on the first 1k and there is one custodial person so that's the only one who can make withdrawals but anyone can deposit money. That is what I have, but I keep her money mostly in an account in my name.
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| Posted 9/19/14 10:10 PM |
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drpepper318
MIR MIR MIR!
Member since 6/07 8274 total posts
Name:
me
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Re: Saving's Account for children
Posted by alli3131
I just went into my bank and said I wanted an account for my son and It is in his name but I and the custodian listed on it. I just need DS's SS#
I did the same. I deposit money into it frequently so he starts off with some savings. He won't have access to it until either age 18 or 21, I forget which.
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| Posted 9/20/14 4:53 PM |
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beachmama
LIF Adolescent
Member since 8/12 599 total posts
Name:
T
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Saving's Account for children
We have money in a 529, it is great.
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| Posted 9/20/14 6:39 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Saving's Account for children
We opened a capitalone 360 kids savings account. It's my name and dd 's name on the account...
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| Posted 9/20/14 6:58 PM |
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