I thought about cds or opening a savings account, not sure best way to go.
2007-02-13 21:20:43 · 6 answers · asked by Sheri 2 in Business & Finance ➔ Investing
I would put it in a savings bond that your baby/child can't have till like say there wedding or graduation or like 21st b-day. This way its safe until then and it can build interest while you add to it every year! Then when they get a job they can add to it too if they want, savings is the way to go if you ask me. I didn't have one and i wish i kinda did. I will do that for my kids if and when i have one.
2007-02-13 21:31:26 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Depends how much money you are talking about, if it is anything under $2,000 you should go to a bank and open up an on-line bank account. Westpac offer a maxi direct account, there are no fixed terms and funds are accessible any time with a 5.2% interest rate, and I think Bank West have a similar account. I presume all major banks offer a similar type of account. If it is over $2,000 then go and see a financial planner, they can recommend some type of managed fund for you. A managed fund invested wisely can return up to 22% a year. Good luck..
2007-02-14 05:43:12 · answer #2 · answered by debstar1972 1 · 0⤊ 0⤋
best way to go? Depends on how much money you have. Go to www.bankrate.com for the USA's highest yields on cds and savings accounts. Be advised they will only grow about 5% per year. Stocks and (or if you have enough money, usually about $2500) stock mutual funds have in the past grown about 11% per year. When I was born, my father bought a few shares of a major oil company. He figured its products are used by everyone, used up quickly, and then they buy more so the company would be around when I needed the money. With adding to the amount every once in a while, and with dividends reinvested to buy more shares, it paid for my college. Besides oil, other products like that are soap & toothpaste. With www.sharebuilder.com, you can buy as little as one share in a company and have dividends reinvested.
2007-02-14 05:34:10 · answer #3 · answered by gosh137 6 · 0⤊ 0⤋
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2007-02-14 21:54:52 · answer #4 · answered by ? 2 · 0⤊ 0⤋
Open a brokerage account at TD Ameritrade and invest in the ETF DIA.
2007-02-14 23:52:54 · answer #5 · answered by Anonymous · 0⤊ 1⤋
savings account is the best
after some time you can make FDR of that amount so that it helps your child in his coming future
2007-02-20 08:01:43 · answer #6 · answered by Raaj 2 · 0⤊ 0⤋