Best High Interest Savings Acct?
 

My son is 3 years old. He already has over 5,000 in the bank. I just have him in a traditional savings account right now, but I wanted to start gaining more interest for the account.

What's the best account option right now?

He made a whopping 2.38 on the account this year.

Thanks in advance for any help.

fiscal cliff

Might wanna start investing in guns and ammo. Should yield a high return.

High Interest and Savings Account are currently mutually exclusive terms.

Thanks, Ben Bernanke!

ING isn't bad, but it still sucks. Maybe a CD?

No one buys CDs anymore. I'd avoid them.

Yep, most people download music today.

mp3 yo

CD rates are garbage right now. The best savings account interest rate I know about is smartypig.com at 1%. That's only slightly lower than most High Interest Checking accounts at the moment and you don't have to meet any requirements that I know of.

ill just leave this here:

http://www.fatwallet.com/forums/finance/1234357/

Smartypig.com

Sounds like a place to entrust your money.

Invest in gold/silver and commodities.

You'll be sorry if you just let it sit in a damn bank account and collect interest. The money collapse WILL come, it's now if, it's a matter of when.

What's the money for? If it is for college, put it in 529 plan.

I use Charles Schwab Bank. Their interest rates have dropped a lot since I joined in 2007. They were 5%! They are closer to 1% now.

Good interest rate. Free everything. Ease of getting into Money Market funds and free advice over the phone. I have zero complaints.

Investing in Silver is smart...it's demand in industry (because of it's high conductivity) has raised it's value significantly and that trend should continue as the world becomes more technological.

In 2008, an ounce of Silver was worth less than 10 bucks. Today, it's trading for over 30.

Gold has about doubled during that same span, as well.

Why not buy $2000 worth of corporate bonds or a nice paying utility fund, $2000 worth of a growth mutual fund and then leave the $1000 in a CD or the high INT account.

2.38% is pretty damn good in this low interest rate market.

I wouldn't leave 100% in cash. He has 15 years to let it grow and add to it.

a 3 year old has more $ then me :(

I think he meant $2.38.

Do your homework and check out mutual funds. A 15 year history will show you which fund to select. chose a no load fund (one without administrative costs). Also a 529 will be tax free if used for college. A very good choice.

Ally.com

mattress

If Gold is so much better than $$$ Then why do you buy it with $$$?

Because gold is far more worth the value than our paper fiat currency. Our dollar has about 30% (that's probably being nice) of it's worth than what it was 50yrs ago.

Gold and silver will always be considered as a form of currency and will have value worldwide.....our dollar won't.

Of course this is all pending on when the collapse will happen.

Yeah ask the Hunts about that.

Don't buy high. I'd say a REIT type investment would be awesome for him as they are great long term.

For a case like his, you can't beat I-series savings bonds..

http://www.treasurydirect.gov/indiv/...res_ibonds.htm


You can put up to $5k/year in them. Right now they are paying 1.76%. If you buy in when there is a fixed rate component you really do well, I have a few that are paying over 4% right now. You can't touch them for 1 year, and then after that if you cash them in you just lose the most recent 3 months interest. After 5 years there is no penalty.

Buy/sell them online, no paper.

DT