Saving account!!!
Has anyone set up a savings account for their LO? If so what kind of account and why?
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I just got one at my local credit union then I add his money to a share certificate at the end of every month.
Why 5 years? What happens after?
It was the highest turnaround profit on the initial savings. So 5k after 5 years turns into $6100 ballpark. That doesn’t include any extra money we plan to put in there at almost 4% After 5 years, we just take it out and do it again.
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I highly suggest Amex! (Only if you have a large sum up front. You won’t see much of a change with a couple hundred) They currently have the highest I’ve seen interest wise, no minimum balance and no monthly maintenance fee either. They have a calculator to show how much you deposit and how much it will accumulate over the years. We went with a $5k deposit for 5 years. SoFi is a good one as well. I think they might require direct deposit???