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Savings Account for Baby (lemmy.ml)

submitted 2 weeks ago by huquad@lemmy.ml to c/personalfinance@lemmy.ml

18 comments fedilink hide all child comments

My parents want to give my new baby some money for a savings account. However, if its just going to sit there for 20 years, I'd prefer for it to gain interest/dividends. Is there any easy way to setup a fund that tracks s&p500 and preferably tax advantaged? Or am I better off just investing in the relevant mutual fund.

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[–] civilfolly@lemmy.world 9 points 2 weeks ago (2 children)

Be careful with savings accounts. I made an account in elementary school at a local bank. I had a couple hundred dollars in the account. However because I was not making money, I stopped adding pocket change. At some point Chase bought out the local bank. In that merger Chase changed my account from a no-fee student savings account to a maintence account. With that change, Chase started taking $5 a month! One day I got a statement that said they closed the account because of insufficient funds. The bastards stole all my money! So make sure there are no fees for non-use or some stupid crap like that.

[–] huquad@lemmy.ml 1 points 2 weeks ago

We're at a federal credit union, but even still I worry about it being pocket change by the time they're old enough to collect.

[–] sqw 1 points 2 weeks ago

same thing happened to me. vampires