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littlejoy06
Love
Member since 3/07 6944 total posts
Name:
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Bank Account
Morning Girls,
Has anyone opened a bank account for their child? I wanted to open a guardianship account, but didn't know much about it. From what I see, I can take money out at any time and I won't be taxed on it since it's for a minor.
Opinions??? Is there something better out there?
I received a lot of checks for her Christening and I figured this was the best time to open something.
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Posted 5/3/07 8:23 AM  |
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ddunne2
LIF Adult
Member since 7/05 4189 total posts
Name:
Doreen
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Re: Bank Account
Are you looking for a standard savings account or more of an investment. I would open a 529 college savings account. For regular savings accounts I really like ING.
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| Posted 5/3/07 8:28 AM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: Bank Account
Posted by littlejoy06
Morning Girls,
Has anyone opened a bank account for their child? I wanted to open a guardianship account, but didn't know much about it. From what I see, I can take money out at any time and I won't be taxed on it since it's for a minor.
Opinions??? Is there something better out there?
I received a lot of checks for her Christening and I figured this was the best time to open something.
This is what we did for Andrew and my parents opened a 529 plan for him.
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| Posted 5/3/07 8:43 AM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Bank Account
We have both a 529 account and an investment account in both children's names at the financial house we invest through. We spoke to our advisor before and hand the money transferred the day we received their SS#'s.
You can open an account as soon as you have their SS#'s
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| Posted 5/3/07 8:43 AM |
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JavaJunkie
Someday, Somehow
Member since 6/05 5857 total posts
Name:
Lois
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Re: Bank Account
We have an ING account and a 529
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| Posted 5/3/07 9:01 AM |
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AlohaMa
Never Forget
Member since 2/06 2735 total posts
Name:
Jen
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Re: Bank Account
We have separate savings accounts for them.
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| Posted 5/3/07 9:19 AM |
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nferrandi
too excited for words
Member since 10/05 18538 total posts
Name:
Nicole
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Re: Bank Account
We openedn him a savings account and my parents opened him a 529.
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| Posted 5/3/07 9:28 AM |
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Sweets13
Bella Bambini
Member since 5/05 9300 total posts
Name:
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Re: Bank Account
We opened a savings & 529 account for DS and both set of grandparents did the same for DS~
We also have money in CD's for DS
Message edited 5/3/2007 9:29:09 AM.
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| Posted 5/3/07 9:28 AM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Bank Account
We have savings accounts for both kids that we put some money in for now. We keep going back and forth on the 529. DH sets investment strategy for a hedge fund and so far we do better investing on our own than through a mutual fund.
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| Posted 5/3/07 9:29 AM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Bank Account
we have an ing account for her.
we aren't doing a 529 for her b/c we are investing all that money in our retirement- it's more prudent for us to fully fund our retirement and then have DD take out a loan for college down the road which we can pay back for her (that's what my parents did for me).
There is always easy money to be found for college- not so much for retirement.
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| Posted 5/3/07 9:43 AM |
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lvdolphins
My Loves!
Member since 5/05 46292 total posts
Name:
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Re: Bank Account
We have a 529 plan and I am also a 'member" of Upromise which you can link into the 529 account.
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| Posted 5/3/07 9:58 AM |
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burberrygirl
so happy!!
Member since 1/07 2091 total posts
Name:
Mommy
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Re: Bank Account
we got money when they were born, so we opened separate savings accounts and put their christening money there also. We also started a 529
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| Posted 5/3/07 10:05 AM |
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Ambersmom
Straight up nasty
Member since 5/05 7740 total posts
Name:
Sharon
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Re: Bank Account
I have an ING account for her, as well as a passbook savings account. I haven't opened up a 529 yet because I have so little disposable income at this point - after the divorce, definitely!
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| Posted 5/3/07 10:33 AM |
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LittleAngel23
LIF Infant
Member since 3/06 221 total posts
Name:
Christine
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Re: Bank Account
We opened a savings account for DS
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| Posted 5/3/07 11:34 AM |
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ddunne2
LIF Adult
Member since 7/05 4189 total posts
Name:
Doreen
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Re: Bank Account
Posted by Sassyz75
we have an ing account for her.
we aren't doing a 529 for her b/c we are investing all that money in our retirement- it's more prudent for us to fully fund our retirement and then have DD take out a loan for college down the road which we can pay back for her (that's what my parents did for me).
There is always easy money to be found for college- not so much for retirement.
This is very smart advice. Everyone should be maxing out their 401K's before contributing to college savings plans becasue as you mentioned you can borrow money for college, but their are no loans for retirement. We put very little into the 529s at this point so that the majority of our investment $$ go towards retirement,
Message edited 5/3/2007 1:02:34 PM.
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| Posted 5/3/07 1:01 PM |
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Hershey
LIF Adolescent
Member since 1/07 557 total posts
Name:
Marci
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Re: Bank Account
ditto here. We have the ING savings account for her and just opened a 529 account as well. So true about the retirement as well, pay yourself first for retirement.
We put all of her christening and b-day money into her 529 account and then we put a little be in each paycheck, not alot, I think 40 dollars a month. Which I hope will amount to something for her when the time for college comes. Retirement savings first though!!!
Message edited 5/3/2007 1:30:02 PM.
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| Posted 5/3/07 1:25 PM |
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