What is the best kind of savings account to get?
May 13, 2007 by admin
Filed under Questions and Answers
Lil lady asked:
I want to open a savings account for my kids. To know there is always alittle something off to the side there for them. What is the best kind to get?
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I want to open a savings account for my kids. To know there is always alittle something off to the side there for them. What is the best kind to get?
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abstracted_nyer on Mon, 14th May 2007 9:57 pm
ING has a no fees/ no restrictions/ no minimums account paying 4.5%
ThePerfectStranger on Tue, 15th May 2007 2:32 am
A standard bank savings account will not net very much interest. Look into CDs. The rates are averaging around 5+/-%. That isn’t bad for guaranteed secure money.
nycgrrl4eva on Tue, 15th May 2007 10:39 pm
Right now, the best kind of savings account is an online savings account. Some banks are starting to offer them and the interest rate is great! At my bank (HSBC), the interest rate never drops lower than 5%. Way better than a standard savings account, and you don’t need a minimum balance to open one up like how you would for a CD.
Mr. Video on Thu, 17th May 2007 12:11 pm
ING Direct is good.
You can get a Coverdell Education Savings Account for tax free education gains for your kids also. I use Scottrade for that, and now my kids have lots of money for college.
I started my their Coverdell ERA with just $20 and just put a little in each week. It adds up fast. I have them invested in mutual funds such as UMREX which has been gaining about 20% per year. That is a real estate fund with no loads and no transaction fees at Scottrade.