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What is the best savings account to get for my daughter?
I prefer not to use the 529 Plan. It will be something for when she is older whether it is a wedding, school etc.
2 Answers
- ?Lv 71 decade agoFavorite Answer
then open a No Load Mutual fund account with a brokerage such as Fidelity or Charles Schwab
- Jason WLv 51 decade ago
If this is money you plan on giving to your daughter later in life, then a plain, old-fashioned passbook savings account, or statement savings account, is fine.
But as you accumulate money in the account, use it to buy long-term Certificates of Deposit at your bank so that you can earn some interest. Hint: the federal funds rate is at 0% right now: it can only go up. So for the time being, you don't want to invest in anything longer than a 1-year CD, as interest rates are bound to rise.
