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Starting a saving account for baby?

Ok my hub and I are well as you say not well off, but we do have a few extra bucks here and there, so since baby was born 5 months ago, I have been putting it in a cookie jar on the fridge...but only have a little over a $100.....I want to put this money away for him and our future children for the just in case THEY need it....College or something important......what is the best thing, keep putting it in the cookie jar or open a savings account in a bank?

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Anonymous

Asked by Anonymous at 11:47 PM on Nov. 15, 2008 in Money & Work

Answers (5)
  • A savings account bc it will earn a little interest plus you will probably be less tempted to spend it.
    fairyinabubble

    Answer by fairyinabubble at 11:57 PM on Nov. 15, 2008

  • we started a savings account for our son when he was born and I'm so glad we did. It would be way too tempting to spend it if it was here and easily accessible...but thats just me!!!
    Denise859

    Answer by Denise859 at 11:58 PM on Nov. 15, 2008

  • A savings account for sure! At our bank (BECU) the early savers minor account earns 7% interest on the first $500 dollars...and that is HUGE!!! :) ( think it is like, 1.75% on the remaining balance over $500)

    we opened our oldest son's savings account right away...but we still haven't opened one for our youngest!! All of his savings is in a piggy bank! I keep meaning to go in to the bank and get his account opened, but I just keep forgetting! (and he is 13 months already!!!!) oops!
    mum2gr8byz

    Answer by mum2gr8byz at 12:27 AM on Nov. 16, 2008

  • check out this site. http://www.savingforcollege.com/
    Anonymous

    Answer by Anonymous at 3:13 PM on Nov. 16, 2008

  • No it is called a mutual fund I did that with my oldest daughter it is just for college .Go to a mortage broker instead of a savings account .I trust my broker and the company has been around for over one hundred years.
    Anonymous

    Answer by Anonymous at 10:37 PM on Nov. 16, 2008

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