Best Savings Options For Babies

529 college savings plans.

Best savings options for babies.

At pnc savings accounts for children under 18 are always free withno minimum balance requirement. Nearly two thirds of americans use regular savings or checking accounts to set aside money for their children s education. Assuming you just want to sock money away for general use down the road it turns out mom s way like many things in life is the best. An esa allows you to invest up to 2 000 per year.

Be sure to use tax favored plans starting with an education savings account esa. Whether you put the money in a high yield savings a brokerage or 529 account depends on when you might need the money and how it will best benefit your child. Td bank simple savings. Banks no longer sell bonds at branches but the treasury department gives you two options to buy bonds as.

Treasury bonds are a classic option to give a financial gift to a child. Save for baby s college. If you think higher education is in your child s future consider a 529 savings plan. Typically credit unions have very.

The best future for your child. 529 prepaid tuition plan. Coverdell education savings accounts. While it s natural to want to put your baby first don t forget to take care of your own financial future.

This amount must be invested after taxes are taken out but it grows tax free. Td bank s children s savings accounts are really just an everyday savings account but they waive the monthly maintenance fee and minimum daily balance requirements for savers aged 18 or younger. The easiest option is to set up a really simple what i like to call a couch potato portfolio from any big bank and invest in an index mutual fund like the s p index says taub. Most banks and credit unions offer children s savings accounts which parents can co own.