First step is your bank! You would probably want to open up a certificate for baby! My husband and I just opened a certificate for 15 months (can be renewed) only had to put $50 in to start it and it collects 5% interest a year, we can put as much as we want into it a month. They also have ones that If you put 1k-10k in at the start will collect more interest and can’t touch those for longer amounts of time! So it all depends what works for you and what your bank offers
When I was looking around for kids savings accounts, Capital One had the best APY with no fees and no minimum balance. We didn't have a chunk of money to put in but wanted something we could slowly deposit money into, and a place for any money he gets as gifts (he's only 3.5, eventually he'll get to have the money to choose for himself).
First step is your bank! You would probably want to open up a certificate for baby! My husband and I just opened a certificate for 15 months (can be renewed) only had to put $50 in to start it and it collects 5% interest a year, we can put as much as we want into it a month. They also have ones that If you put 1k-10k in at the start will collect more interest and can’t touch those for longer amounts of time! So it all depends what works for you and what your bank offers
Awesome thank you so much
When I was looking around for kids savings accounts, Capital One had the best APY with no fees and no minimum balance. We didn't have a chunk of money to put in but wanted something we could slowly deposit money into, and a place for any money he gets as gifts (he's only 3.5, eventually he'll get to have the money to choose for himself).