Children's savings account
May 15th 2006, 3:08 pm
#16
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Location: New York City
Posts: 611
Re: Children's savings account
Thanks for all the ideas - I did look at HSBC, but you have to be 18 to open an account. I might do E-trade down the line but am prefering just a regular savings account for now...
May 15th 2006, 4:14 pm
#17
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Joined: Apr 2006
Location: Tucson, AZ
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Re: Children's savings account
Having read the posts about the interest rate provided by ING and HSBC I looked at their sites with a view to opening an account...... but you have to be a US citizen or permanant resident to do so! Meanwhile us poor visa types have to make to with a paltry interest rate in our 'savings' account offered by our bank 
May 15th 2006, 5:20 pm
#18
Ping-ponger
Joined: Jul 2002
Location: Dreich Alba
Posts: 12,006
Re: Children's savings account
For long-term investment, a savings account is a complete waste of money, literally, especially in the US where interest rates seem to be particularly low. You won't even keep ahead of inflation.
As suggested previously, put it into a tracker or low to medium risk mutual fund.
If your child is so young and you are looking ahead to college or adulthood, then you can take more risk than if you are looking at the medium term (say, 5 years). But don't be too risky and don't invest in individual companies or you could lose the lot. (Voice of experience, wish someone had given me similar advice).
As suggested previously, put it into a tracker or low to medium risk mutual fund.
If your child is so young and you are looking ahead to college or adulthood, then you can take more risk than if you are looking at the medium term (say, 5 years). But don't be too risky and don't invest in individual companies or you could lose the lot. (Voice of experience, wish someone had given me similar advice).
May 15th 2006, 8:01 pm
#19
Blondie22
Joined: Nov 2005
Posts: 2,738
Re: Children's savings account
Originally Posted by Peter Newton
Hi:
I am looking for a good kids savings account - just somewhere to put birthday money etc. 4-5% interest, no fees etc (I already have a college savings account set up).
You can't believe the hassle - my local bank has an account that pays 0.25% interest - if you want more you either have to pay monthly fees, maintain a balance of $2500 or be over 18 years of age (my son is 4 weeks old!)
Has anyone found a good savings account for their kids? I live in New York.
Cheers
Peter
I am looking for a good kids savings account - just somewhere to put birthday money etc. 4-5% interest, no fees etc (I already have a college savings account set up).
You can't believe the hassle - my local bank has an account that pays 0.25% interest - if you want more you either have to pay monthly fees, maintain a balance of $2500 or be over 18 years of age (my son is 4 weeks old!)
Has anyone found a good savings account for their kids? I live in New York.
Cheers
Peter
Yes, it's called a piggy bank in his bedroom!
May 15th 2006, 8:42 pm
#20
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Re: Children's savings account
I do have a fairly limp mattress that needs stuffing...
Originally Posted by blaze
Yes, it's called a piggy bank in his bedroom!
May 15th 2006, 9:33 pm
#21
Blondie22
Joined: Nov 2005
Posts: 2,738
Re: Children's savings account
Originally Posted by Peter Newton
I do have a fairly limp mattress that needs stuffing...
There you go! None of that silly paperwork to fill out, you're on the right track!
