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Looking for FDIC Bank with Good Rates
Asked by M.H. from Chicago
on March 20, 2009
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I'm looking to open an account at a FDIC bank with good interest rates and customer service, I want to do a CD account, any suggestions, Thanks
Answers
- If you are in the northern suburbs I would look into State Bank of the Lakes. They are small (yes, FDIC) and it is so nice to walk into your bank and have them not onl...
- Look into a local community credit union. They are FDIC insured but instead of being out to make a profit they are out to make you money since every member has a stake...
- Hi My name is J. and I am a licensed in securities. I can share with you some very safe investment options that would give you a much better rate of return than goin...
Bank Account for 6 Year Old?
Asked by A.K. from Denver
on November 19, 2008
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I would like to open a bank account for my six year old son. We already have a 529 that we already contribute to regularly. I am thinking more of a savings account w...
Answers
- A., that is a wonderful idea, I have a saving account for my son's at Vectra Bank. It cost $5 to open them each. My 8 year old likes it but my 4 year old really doesn...
- sorry, a little late for this but I would recommend KeyBank. They have a DinoSaver account (the kids get a dinosaur when they sign up) call my friend anne Hammond and ...
- I would try a credit union. My credit union, Elevations, has a special savings program for kids, where they get little zipper bags to keep their money in, and incenti...
18 Yr/old Stepson Overdrew His Bank Account...
Asked by K.I. from Spokane
on January 22, 2010
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Hello,
My question is what would an appropriate consequence to my kid overdrawing his bank account be? He moved in with us when he turned 18 and opened up his first...
Answers
- Fix it this once and after that he'll have to remain within the limits or forfeit his card. The other thing is he doesn't need a Debit card except to withdraw money h...
- Hi There, I know exactly how you feel. First off a little story, When my daughter (who lived with her dad) turned 18 she ask me for money for college for expenses. I...
- He won't learn from his mistakes unless there are consequences. Also you may want to cancel the overdraft feature so that it doesn't happen again. Good luck!
Online Bank Account for My Toddler?
Asked by L.Z. from Chicago
on July 28, 2008
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Hi Moms! I recently emptied my daughter's piggy bank and was going to open an online savings account (they pay higher interest than regular banks) in her name with th...
Answers
- Depending on the amount of money or what your intentions are for the future, have you considered opening a trust for her? I think there are different ways of setting i...
- If you have enough money you may want to go the route of a CD. A CD earns more interest and some can be opened with as little as $500. Or even consider a Mutual Fund...
- We have a custodial account for our kids at Chase. We also have an Ameritrade account for them to invest, etc. I believe you can do quite a bit there other than just s...
Bank Account for Child with Divorced Parents
Asked by N.W. from Chicago
on December 17, 2008
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My last post lead me to realize that I would like to set up a college savings account for my 7-year old stepdaughter. I believe going to college is VERY IMPORTANT.
...
Answers
- Hi Nicole ,Sorry this might be a little winded. You and your husband's concerns are very valid . As another mom suggested opening a saving account just for minor's the...
- You can set up an account and her mother does not need to know anything about it. in fact you should not put the step daughter name on the account either. Just ear m...
- Nicole, I think this is a very good idea. Most banks have a "minor savings account" that you can put her name on it and yours. I don't even think you have to be ...
What to Do with a Large Sum of Money Given to Kids
Asked by V.M. from Erie
on July 26, 2010
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i guess i need to edit to say "Investing in what is a large amount to ME" My kids both recieved $300 from my grandmother's estate. They have some $50 savings bonds...
Answers
- I think what you do with it depends on what you're trying to do? Are you trying to teach your kids about saving? Investing? Putting aside money for college? I ...
- You could check into some money market accounts. I don't know how much is required to open one, but $500 should be plenty. You can put all $600 in one account, and t...
- I'm surprised no one has mentioned a 529 yet. If it's for your kids, I'd put it into something that has a dedicated purposed like a 529 which is for higher eduction...
Savings for Junior
Asked by A.E. from Minneapolis
on January 12, 2009
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Hello, Supermoms!
My hubby and I have received some cash gifts for various occasions since our boy was born. We've just been tucking them in his "piggy bank" so far...
Answers
- We have our daughter's money in a CD. At our Credit Union it is called a certificate plus because you can add money to it. It has a slightly lower interest rate than...
- We have our kids' money in CD's. Just shop around for the best interest rates, and don't forget to renew them when they mature. They do make money.
- I use the MN college savings plan for my children and my nephews. It's a 529 plan through TIAA Cref. The cool thing is that MN has a matching program for MN resident...
Financial Opinions?
Asked by J.J. from Dallas
on June 9, 2011
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just found out i have a $2700 CD waiting for me that I never touched! i'm super excited & it couldn't come at a better time - thank You Lord! :)
anyway, i'm REALL...
I’m in a Financial Battle with My Husband
Asked by A.E. from Chicago
on November 2, 2008
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Hello Moms,
This is not a normal request you see on this site but I’m hoping there may be some moms out there that can help me realize I’m either wrong or right...
Answers
- If I understand this correctly, you're paying 10.75% interest on this loan, and the bank is giving you 2% on your money. Wouldn't you be saving 8.75% by paying it off?...
- Everyone that has posted a response makes sense. But you have to consider many points. First, if you refi, then think about the fees you will have to pay to do so. ...
- Of course the bank wants you to keep the money in your savings account - if you take it out you're taking it from them and their ability to reinvest in their own schem...
Advice on Allowance
Asked by T.A. from Boston
on February 25, 2008
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Our family has gone through significant changes in the last year. In the past we were able to buy basically whatever our children asked for but now we have to tighten...
Answers
- Hi T., I am interested in giving my son an allowance as well to teach him about money. I found this website online and it looks pretty intersting. There is an artic...
- Hi T., You are SO on the right track.... good for you. I am 56 yr old grammy, Mom to 6 (three bio, two step, one foster). All but one of the step's have become adul...
- I really am not a fan of allowance, but agree that it helps greatly w/teaching the values of earning and saving for things you want. I give my children 1 dollar for e...
