Can anyone suggest a high interest earning savings account that I can open for my newborn baby? - earn high interest
I have a newborn and would like to start out money for it. Since not withdraw from this account, I would be very interested.
Saturday, January 9, 2010
Earn High Interest Can Anyone Suggest A High Interest Earning Savings Account That I Can Open For My Newborn Baby?
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3 comments:
I do not recommend a savings account for that purpose. If you want to save for college, has a number of options. A VUL can be an ideal tool to save money for a child, because the insurance costs are minimal, and it is the policy sobrefinanciar. This gives you tax-free withdrawals back to the equity markets. It also blocks and insurability, which is an interesting option.
To invest in variable annuities, you could and / or mutual funds, even if not withdraw a VA until retirement, and the performance of mutual funds are taxed every year.
You can set up savings plans available studies, but want to be careful with them because they can not prevent your child gets free money (to the needs of scholarships) and loans based on low-interest (as provided by the government) because they accounts automatically in the price "is included for education." The Fund also in that category to 60% on the name of the child or 40% drop in your name. The VA and VUL are not included, nor the equity in your personal residence.
You should talk to a financial planner for these and other options. While you're there, you must also ensure that their own finances in order of retirement and other needs.
Good luck and happy planning!
Never go to a savings account to an investment fund with a fixed dollar implement demand
Ideally, a money market or better yet a mutual fund, bonds 60% and 40% of the shares, which earn about 6-10% per year on average more than 18 years.
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