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Old 12-31-2012, 10:23 PM  
The Bad Guy The Bad Guy is offline
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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.
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Old 01-01-2013, 12:24 AM   #16
Oz_Chief Oz_Chief is offline
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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.
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Old 01-01-2013, 12:28 AM   #17
BossChief BossChief is offline
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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.
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Old 01-01-2013, 08:16 AM   #18
scho63 scho63 is offline
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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.
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Old 01-01-2013, 08:17 AM   #19
Rugby Thompson Rugby Thompson is offline
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a 3 year old has more $ then me
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Old 01-01-2013, 08:25 AM   #20
Stewie Stewie is offline
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Quote:
Originally Posted by scho63 View Post
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.
I think he meant $2.38.
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Old 01-01-2013, 08:27 AM   #21
cwhocares cwhocares is offline
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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.
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Old 01-01-2013, 08:35 AM   #22
The GMDM Hypothesis The GMDM Hypothesis is offline
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Old 01-01-2013, 08:43 AM   #23
petegz28 petegz28 is offline
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Old 01-01-2013, 08:53 AM   #24
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by CoMoChief View Post
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.
If Gold is so much better than $$$ Then why do you buy it with $$$?
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Old 01-01-2013, 09:13 AM   #25
CoMoChief CoMoChief is offline
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Originally Posted by R8ers View Post
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.
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Old 01-01-2013, 09:39 AM   #26
Dave Lane Dave Lane is offline
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Quote:
Originally Posted by BossChief View Post
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.
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.
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Old 01-01-2013, 09:45 AM   #27
dtebbe dtebbe is offline
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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.

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Old 01-01-2013, 09:57 AM   #28
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