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Just had a baby whats the best way to turn into savings

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jeffjones30
1/26/13 9:22 AM
I went and did the FWF unthinkable and had a baby(6 weeks old now)
She was born in late decemeber so got a tax break but had an extra $2500 deductable.

Whats the best way to use her to make extra money with her.

Her income so far is $60 from SSI(born a primie so gets $30/m for 2 months) and $300 from X-mas. I am expecting another $200 or so a month from grandparents towards college fund.

I try and put $600+ a month in savings. If possable I would put a few grand in her account to make the bonus young saver intrest.

I know some banks give higher intrest for childrens saving accounts. But how young do they start? Which are the ones with highest rates and highest maximum account balance?
WikiPost
1/26/13 9:22 AM
germanpope
1/26/13 9:37 AM
I heard some good things about Texas. I have only made it as far as ElPaso.
chantspel
1/26/13 10:08 AM
I've been looking for one of these types of higher rates for minor accounts as well but haven't had much luck. Interested to see what is out there.
lray
1/26/13 10:26 AM
Sell it.
bytem3
1/26/13 10:45 AM
lray said:   

Sell it.


eBay and PayPal fees would kill the deal. It's been a 9-month investment so far. Why take a loss so early on? Maybe they can ride it out and turn a profit. Sometimes, you've just gotta think long-term! lol

GL jj30
lonestarguy
1/26/13 10:55 AM
chantspel said:   

I've been looking for one of these types of higher rates for minor accounts as well but haven't had much luck. Interested to see what is out there.



A Plus FCU in Austin -- 5% 1 YR CD on up to $1000 balance.
germanpope
1/26/13 11:09 AM
jeffjones30 said:   

... Whats the best way to use her to make extra money with her....



kmully
1/26/13 11:09 AM
germanpope
1/26/13 11:13 AM
kmully said:   

Read this: http://www.fatwallet.com/forums/finance/993618/



no, this one fw/archivelink
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