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How to find the best bank account for our child?

We have been saving up our change since our son was born (he just turned 3) and we now want to put it into an account for him. We do not want to take any out so penalties for taking out is fine. What is the best to look at? Credit unions? Thank you

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Anonymous

Asked by Anonymous at 5:44 PM on Sep. 8, 2010 in Money & Work

Answers (6)
  • I have a traditional bank account. Only one. Every other savings account or investment money is done through a credit union. I cannot count how many savings accounts from all types of credit unions. Once a member, always a member. I like credit unions because they are 'owned' by the members and are smaller then most banks. The other good thing about credit unions is that not only are yours savings protected, CUIC, like the FDIC, but they also offer a base life insurance policy for at least $1000 or 10% of your high balance. It is a free benefit. Call around, you don't have to be a member of any particular group to join a particular credit union. My other savings is through USAA, if you are military, former military, they have great insurance rates AND a great savings program.

    Joeygoat

    Answer by Joeygoat at 5:52 PM on Sep. 8, 2010

  • research
    justnancyb

    Answer by justnancyb at 5:52 PM on Sep. 8, 2010

  • You will get the best interest with a CD, but I don't know how much you have to start with. There is usually a minimum deposit. Call your local banks and ask their CD rates.
    elizabr

    Answer by elizabr at 5:57 PM on Sep. 8, 2010

  • Unless your are investing in mutual funds or something like that- you're best bet is probably a CD from a credit union. You can get online and look at what their interest rates are. I think most have a minimum deposit of $500- but some are $1000 and others are just $100.

    GOOD LUCK :)
    Erica_Smerica

    Answer by Erica_Smerica at 9:23 PM on Sep. 8, 2010

  • We have a 529 plan for our daughter for college.
    Christina807

    Answer by Christina807 at 10:12 PM on Sep. 8, 2010

  • You'll have to shop around. Look at all the local banks and credit unions and base your decision on the information you recieve.
    HotMama330

    Answer by HotMama330 at 1:48 PM on Sep. 9, 2010

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