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lynnie


Chanel

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starting a savings account for someone?
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for christmas, i want to start an acct. for my lil brother (he's 13) that he can't control til he's 21. i'm gonna put $50-100 in there for holidays (christmas/bday) until i can afford to just put $50 or more in there monthly.

Anyway- where should i open this acct? should i do an orange savings (i already have one), a brokerage account? a trust fund? anyone have any recs on opening accounts that you want to sign over to someone else eventually? i don't want there to be fees, and would prefer either the ability to invest, or as high of an interest rate as i'm gonna find. i don't want to lock my money into anything seeing as how i want to contribute monthly. Maybe mutual funds? i doubt govt. bonds are that high these days.

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Seashells


Dooney & Bourke

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I used to work for a bank and my best advice is to go in and talk to them about it. You can put it in his name and your name as the trustee on the account. The orange savings accounts are yielding higher rates than any bank will, but if you want him to see you put money in the account, a bank might be kind of fun way for him to learn about money. The ING CD's have a no minimum too, so you might want to consider that as well. It earns the higher interest, but you can't touch it, which is fine in your case.

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Tati


Chanel

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lynnie- your so sweet, your such a cool sister to do this for your lil brother!


 




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lynnie


Chanel

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Tati wrote:
lynnie- your so sweet, your such a cool sister to do this for your lil brother!
 



thanks!

hot sushi usage, by the way

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