 If You Had An Extra $5,000 or....? |
$10,000, where would you put it for a SHORT-term investment?
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Ceil---
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 Is it a good time to get into the stock market since it is down? |
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andy g | Savings account for sisters baby? |
My sister has just had her first child and i want to open an savings account for her ( baby ) for later in life.
Can i do this at the post office or will the mother have to do it ?
I want save for her future, ie college fund .
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I live in the UK |
 |
 
Feeling Mutual
 |
Assuming you are in the USA, you can
Put up to $2,000 per year into a Coverdell Education Savings account, for tax free education gains.
and
Put up to $10,000 per year, into a UTMA or UGMA account, if it has a custodian of someone other than the child's guardian, it is taxed at the childs rate. I think they might have closed that loophole though.
and
You can purchase up to $30,000 per year in US Savings bonds for the child.
For Coverdell ESAs, and UTMAs, UGMAs, I recommend Scottrade.
UTMA means Uniform Transfer to Minor Account, UGMA means Uniform Gift to Minor Account, which one you use depends on the state. |
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Clarkbar
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You might want to go to a bank and do this. |
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MOHAMED N
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if Ur sister as main account in any bank she can open young saving account [ joint A/C] she can withdraw any time if she wanted, also she will receive pay in book on baby's name on it |
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Johnny C
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I think its great that you want to do this for your sisters baby its awesome to hear but if your trying to build a nice college fund for it you probably shouldn't go for a bank. Savings accounts at banks yield about .5 % interest on what amount you have in there (note; the percentage is based more on the individual bank but you will never find a savings account interest over 2%).
What you may want to do to actually help the lil guy/girl you didnt say is to invest some money in other possibilities like money market funds, short to mid term bonds, or cd's (certificate of deposit). Money market acccounts are as safe and better then savings accounts they are near 100% safe (there is a very tiny chance you could lose money but i dont believe its ever happened they just say it could happen as a disclaimer) and most give about a 5 to 6% return. Meaning $2000 x 5%= $100 where as banks $2000 x .5 = $10 add this over many years, plus you can always add money, and your going to have a nice lil college fund. One money market fund I suggest is Vanguard they have no loads (hidden or upfront fee's) and tax advantage plans (you wont have to pay tax on your interest but you have a lower return rate like 3%) Hope this helps.
P.S. Cds are ok but you have to have all of the money you want to be in it up front and then penilize you if you with draw it earlier than the contract end date
P.P.S. Bonds have an even better return rate but they are like stocks there is a chance you could lose money probably not what you want. |
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Dr. Deth
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You might get a better return buying savings bonds in her name - you can hold onto them and give them to her when it comes time for her to need them and cash them in-you don't even have to tell anyone you're doing it - you just need the baby's social security number |
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Jane C
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You can open an account for her but i'd recommend use a bank. And if its long term savings you should think about an isa.
There's some great info on moneysaving expert.com
I cant rate this site highly enough and it has all the info you need to know about how to choose the best bank account. |
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Mr. Prefect
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At the post office??? Go to your local banking institution and open up an account. BUT, keep in mind the savings rate are deplorable. Much better to buy savings bonds directly from savingsbonds.org, all you need is the baby's ss#. If not, she must get one.
Or open up a college savings plan 529 from your state, but look over out of state plans also. |
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