• In the Spotlight:
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

a good savings account?

i want to start some sort of savings account for my child. like to pay for college or whatever. i have about $5000 and don't want to put it in just my regular savings account, and i don't want to invest in the stock market. i have no idea what to do. i want the money to be safe and secure and gain interest. i want to be able to get t out in an emergency, yet i also don't want to have too easy access to it. i'm sorry if this isn't making sense! i've never had this much money to invest and i want to do the right thing. maybe i should consult a financial planner? any thoughts would be appreciated! thank you.

 
Anonymous

Asked by Anonymous at 9:57 AM on May. 12, 2009 in Money & Work

This question is closed.
Answers (10)
  • 529 is college savings. ING has insane interest rates and I use both of these products. Check out ING online and they offer savings PLUS 529 so look into it. GOOD LUCK!!!
    rocamom

    Answer by rocamom at 10:56 AM on May. 12, 2009

  • For my son, I set up an account at a different bank. I could open a savings account with the back I have my checking account with, but its way to easy to get to that money.
    Crystal1124

    Answer by Crystal1124 at 10:00 AM on May. 12, 2009

  • Google college savings accounts. There is one that I know of, but I can't think of what it's called. Like 501 or something. That's to save for college. Try the upromise.com website.
    TheDiva320

    Answer by TheDiva320 at 10:00 AM on May. 12, 2009

  • why don't you open a 529 pre paid college fund
    charrenee

    Answer by charrenee at 10:02 AM on May. 12, 2009

  • i was thinking about the pre-paid college thing, but what if for some reason my child doesn't attend college? would the money be available at the age of 18 or something?
    Anonymous

    Answer by Anonymous at 10:05 AM on May. 12, 2009

  • Put it in a credit union. They have regular savings accounts but they pay a little better. Not that anybody is paying well right now.
    Anonymous

    Answer by Anonymous at 10:18 AM on May. 12, 2009

  • (www.savingforcollege.com) 529 plans are useful, but you cannot get the money out easily unless the child is in college. I do recommend a prepaid plan if you are interested. Do some reaserach to see what you can find about not going to school. I think you can take the money out, but will owe taxes on it. You can also change the beneficiary So if your child doesn't use it, you can asisgn it to a grandchild.

    You can use regular savings accounts. I have a ING account and interest is higher than most banks or credit unions, but it fairly low at the moment. It's easy to access, so you'd have to be discipled. You can do savings bonds. You can cash them in at any time. They accue small amounts of interest and if you get an EE it can be used for college w/o paying taxes on it.
    Anonymous

    Answer by Anonymous at 12:43 PM on May. 12, 2009

  • Thanks for all the great tips Ladies! I do have an ING online savings account of my own, and I dip into it way too much! LOL. But I never thought about checking into what other types of accounts they offer. Savings bonds are also a good suggestion.
    Thanks, OP
    Anonymous

    Answer by Anonymous at 1:40 PM on May. 12, 2009

  • I'd go to a credit union. They usually have the best interest rates..
    hm61686

    Answer by hm61686 at 3:41 PM on May. 12, 2009

  • Go to the www.daveramsey.com website. It's Dave Ramsey. He is really good at where to put your money. He is also on the radio during the day ( his web will tell what stations) and now TV.

    I love the way he talks about where to put money. He is right on the money. You are right about the 529. You do not want to put it in an account for your state and later find out he got a scholorship to Michigan or Texas! You lost your money.
    gr-mom2

    Answer by gr-mom2 at 5:33 PM on May. 12, 2009