I searched and could not find anything. Anyone have good advice for the best savings account for a kid/baby. I have a 1 year old who just got a bunch of money for Christmas. Was curious what is shielded from becoming a fee account, and yields the best interest. I have USAA also as an option, as well as the American Airlines Credit Union.
Thanks for visiting FatWallet.com. Join for free to remove this ad.
haoniukun
Member
posted: Jan. 7, 2013 @ 1:26p
Not sure how much money you have. Northwest federal credit union provides a youth savings account. You can look into that. The rate is 2.28% for now with no other fee. But the upper limit is 1500.
tennis8363
Senior Member
posted: Jan. 8, 2013 @ 8:29a
Not sure if you are eligible to join, but if it is a small amount of money (less than 500), go with a BECU account. They pay 6.17% up to the first $500.
Early Saver Accounts With a premium rate on the first $500, kids and teens can quickly learn the power of saving with our Early Saver Account. Any member under age 18 can open an Early Saver with a $5 minimum opening deposit.1 Savings APY* effective 01/01/2013
$0-$500 $500.01+ Member Advantage Savings 6.17% 0.10% Savings 0.10% 0.10% Early Saver Savings 6.17% 0.10%
rickt86
Senior Member
posted: Jan. 8, 2013 @ 11:13a
that would be awesome ^^^ however its WA state residents only =(
Also consider: depending on how much money is involved, it may make sense to put most of it into CDs or other term investments rather than a savings account.
rickt86
Senior Member
posted: Jan. 8, 2013 @ 3:14p
We are talking $300 right now. Her first birthday is coming up in a month, so that will add more. I am on the fence about going with a local bank, or usaa and or credit union. The local bank allows for us to go to the bank as she gets older, and she can put money in her self/check her balance. Online banks/credit union will be better for no min balance/no fees, and most likely have higher interest.
forbin4040 said: Do you want to start a 529 for that child?
No. Its a long debatable topic, but no. I work in a job field with lower starting pay, but better later in life pay. I am 26 and money has been tight. I have 17 years till college comes, I hope by then to be much more fiscally sound.
bpd67
Senior Member - 1K
posted: Jan. 8, 2013 @ 3:35p
I opened a subaccount at my local Credit Union, the interest rate is not great, but it's local and she can take in her piggy bank and deposit the money, plus get a sucker. She's only 3.5 years old so doesn't understand really. Right now we do that a couple times a year and then I push it to her 529 plan at the end of the year (in addition to the monthly deposits to the 529 that we contribute). So maybe look at that, when there's enough try laddering some CD's or something for slightly better rates and then start a 529 with those or some of those funds.
My credit union offers a savings account with a better itnerest rate that locks similar to a CD with a yearly maturity date, once it hits $1k it rolls automatically into a 1 year CD and another one is started. We use this for ourselves, if a local bank or CU has this option it might be good, it would start you on laddering CD's.
Anyone can join this CU. Assuming you don't live in their geo-specific region, then one-time $30 to Contra Costa Historical Society + $5 min member share (for you) + $5 min member share for kid. The 7% rate is only up to $1000 and only until the little one reaches 21. This leads back to what Pessimist said. Larger amounts you'd need to look elsewhere.
It's been a stable rate for years ever since I joined but of course is subject to change.
advait
New Member
posted: Jan. 10, 2013 @ 11:28a
Also Main St Bank has a Junior AirSavings Account. Check it out at airbanking.com
dcwilbur
Ancient Member
posted: Jan. 10, 2013 @ 11:40a
I like ING because I have the ability to set up children's accounts under a single ID and transfer money between the accounts. When the kids log in with their own credentials, they only see their account, and they have limited capabilities to transfer or withdraw funds. When they get older, they can also get a debit card for the account.
No telling what might change once Capital One completes their transition, but I like the way it is set up now. As for a walk-in banking presence so that a kid can "see" their money at work...How often do you go to the bank, and how do you think your child will bank in the future? Passbook savings accounts and trips to the bank are a thing of the past.
xerty
Senior Member - 3K
posted: Jan. 10, 2013 @ 12:06p
ESA at a brokerage if you prefer stocks to savings account yields. Tax free for education, and at $2k/year, you can only wish that education would be so cheap as to have a problem with extra funds left over.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
One-time set up
Avoid the hassle of entering your information every time you buy.
•
Instant Cash Back tracking
Since we complete the purchase, we can credit your Cash Back immediately.
•
Buy with just two clicks
One click begins checkout and another confirms your purchase.
Once set up, making a purchase with FW checkout is a breeze. FatWallet Checkout confirms the after-tax
price plus shipping and, after you confirm, completes your purchase for you.
Shopping
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
Forums
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Support
Our customer experience team is here around the clock - real people ready to assist.
Click to copy code and go to .
