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papillon soo soo | Is it better to put savings for a child into a special childrens savings account or a normal savings account? |
i am godfather to my friends newborn baby and i want to know if there are special savings accounts for children or should i just put them into a normal online savings account which has the best rates?
Additional Details
i am in the u.k and i will be putting money in every month. can anybody give me like a top 3 childrens savings accounts with positives and negatives. cheers all for answering anyhow |
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TKA0427
 |
Check out Dave Ramsey. He has a wealth of information. You can find him on the web, radio and tv. There are different plans for college funds. You just have to be careful, some of them have stipulations in them that make it where if that child decides not to go to college, they can't get the money. So you have to decide up front if you are only going to give the money to them for college or if you are wanting them to have it when they turn a certain age. There are Mutual Funds and Money Market Accounts that are good. Best of Luck. |
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kieran c
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A credit union is a great place to invest savings for your kid as your saving are shares and they will be paid dividend annually which is much higher than banks and incurs less charges, Saving cannot be withdrawn until the child is 16 and they may apply for a loan based on their savings history at 18.
All are run on the same principles but their will be variations between them as they are all locally run by a committee appointed by the shareholders.
Check it out! |
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audrey_o
|
look online. There are loads of childrens high interest accounts...
I got one for my daughter online...She gets the total amount when she's 18yrs old and I pay into it every month by direct debit.
I don't have to worry about it as its capped so the interest doesn't go below 5.5 but will rise with inflation.
I couldn't withdraw from the account as it's in my daughter's name...even in an emergency so I just pay into it and forget about it.
Check them out...there will be one to suit your needs. |
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lisa_b
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I would go for the one that has the best rates, if the child is not going to be allowed to touch the money until say 18 or so.
The best interest rates! |
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greenconfidence
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A special children's account, you will usually earn more interests and receive other benefits. The bank I work for has children's account and for every $10 they deposit they get a "young buck" which is a like a dollar bill and kids save them up to buy prizes like toys. A 529 plan would be great to for college savings. |
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VATreasures
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In most cases a 529 is the best investment option. If you do it in your state you should get a break on state income taxes. You also retain control of the account and it will not disqualify them from receiving financial aid.
If you are think mid-term like summer camp expenses or activities for when they are a kid, then a savings bond may not be a bad option(you defer taxes on the earnings). |
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planningahead
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The only advantage of a special children's account is that they sometimes have lower minimum balances or lower maintenance fees.
If you are talking enough money, look into opening a 529 college savings plan. |
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richard t
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the kid one usually has more benefits.......when at your bank...ask the officer........... |
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mikala m
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If you put it onto a typical account, the child can blow it on whatever at age 18. If you put it into an education account, it can only be used for education. |
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TallPaul
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There are special child trust funds. I know nothing about those. As it's long term, I'd look at an ISA of some description. You should have specified what country you are in, as different countries will have different accounts.
Edit: OK, from your previous questions I'll assume you're in the UK. So ignore the "529" answers, whatever they are. You need to decide if you're going to put money away regularly, or at random, or if it's an account that other family members can add to. All these affect rates and costs. |
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peachy505
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The big difference in children's and adults saving accounts is you don't pay tax on a child's account, but you do on adults accounts, children can't get access to it either, just make sure you shop around to get the best rates, also check out Internet sites of the banks, you tend to get higher interest rates. |
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Jeff Hardy's bastard son
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special holds it better but try an education savings or trust fund
they are the best |
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Feeling Mutual
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What you look for is tax advantaged accounts.
Assuming you are in the USA:
You can put money into a Coverdell Education Savings account.
You can put money into a UTMA or UGMA account.
US Savings Bonds.
FYI: The duty of the Godfather is handle the religious upbringing of the child, not financial. |
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Cinda R
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a special savings account for children |
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Jason K
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children's it has a higher interest rate |
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RanaBanana
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You should open an RESP for the child. An education is the best gift you can give and it will be tax-free until the child starts college. With a regular savings account, you'll have to pay taxes on the interest earned every year. |
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