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Looking to open bank acct for my kids. What to do?
So my twins are turning one and the $ from relatives and friends is starting to roll in. Rather than use the money now on things they probably don't need, I'd like to stash away the money so they can use it when they are older.
What type of account should I be looking for? Should I go with something simple like an ING money market account?
I'm not going to speculate what my kids will have to face when they turn 18 the way things are going right now, but there's a 100% chance I'm correct that saving in paper anything will yield nothing more than failure and poverty for them.
That said, nothing wrong with having a small cash account to show the Fed's, provide some tax shelter and effectively buy some puts on the paper bubble.
I'm currently debating how to handle this money for our daughter and future kids. One thing, I have noticed is very helpful to kids is to buy property for them. If you think about it one of the largest expenses almost everyone incurs is property. By taking this out of the equation for your kids, basically sets them up far ahead of any of their peers.
Since there is no immediate need to live in the property, you have the opportunity to purchase very low cost property and have time to fix it up.
1) How much money are we talking about?
2) Is this money that you want to keep contributing to, or are you just looking for the best way to stash the gift money?
3) Do you envision it being used for expenses later in childhood or is this the beginning of a college/adult readiness fund?
My recommendations would vary depending on the amount of money and the timeline for using the money.
Savings rates aren't close to what they were a few years ago due to interest rates. You could set up a bank account for them early, but if they are still around a year old I'm not sure the procedure. You'll have to talk to a banker and ask them personally but they should be able to open a separate account for them.
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