I need to open a bank account for my son. What bank pays the best interest rate for kid's accounts?

Question

Right now, we have some money from Grandma sitting in a crappy bank savings account that is only earning .75 percent. He doesn't need the money for anything right now, so I would like a much higher interest rate.

Right now, we have some money from Grandma sitting in a crappy bank savings account that is only earning .75 percent. He doesn't need the money for anything right now, so I would like a much higher interest rate. The key is that it has to be an account for minors.

He has a college mutual fund that he can't touch until he's 18. I want something that he can access when he's saved up for something he wants.

Answer 1

www.bankrate.com

currently the best bank rates beat current money market rates.

Answer 2

Put it in a money market account. Better yet, put it into a no-load growth mutual fund.