Savings account for children

[Jkhein]

Have some spare amount of cash that I would like to put away for my little child - no major amount.
What are the best recommendations out there, just a regular savings account? (do they open that for babies?) some sort of CD? 

[Side incomer]

Have some spare amount of cash that I would like to put away for my little child - no major amount.
What are the best recommendations out there, just a regular savings account? (do they open that for babies?) some sort of CD?

I just opened for my little one at Valley National, not sure if I'll keep it there, but I started there because they match the first $10. It's specially designed for little children.

[smurf]

I think what you want is called a Custodian account where it's your kids account but you're in charge

[Name Changed]

I now opened an American Express savings account it is giving interest of 1% that is higher than most cd'snow
Also ING Direct has a savings account that they are giving 1%

[Nitantnel]

What about bonds? Is there a way to put money in bonds like putting in a savings, or it must be a larger number?

[Name Changed]

I think the smallest bond you could buy is $50 - but the interest isnt great and its locked in for awhile

[MileageSeeker]

Have some spare amount of cash that I would like to put away for my little child - no major amount.
What are the best recommendations out there, just a regular savings account? (do they open that for babies?) some sort of CD?

why not open a sharebuilder custodian account and invest in a no-load mutual fund?

[Nitantnel]

What's the return on that?

[yaakov s]

What's the return on that?

Mutual Funds arent guaranteed returns so there is no way to answer your question

[Name Changed]

Mutual Funds arent guaranteed returns so there is no way to answer your question

Obviously ... do u know about what the current return is?

[yaakov s]

Obviously ... do u know about what the current return is?

HUH 

For which mutual fund ? Are you referring to the YTD , 10yr ,since inception

Sharebuilders isnt a mutual fund . You invest through them with an option to put it into thousands of different places

[Name Changed]

HUH 

For which mutual fund ? Are you referring to the YTD , 10yr ,since inception

Sharebuilders isnt a mutual fund . You invest through them with an option to put it into thousands of different places

I dont really know much of either of them... I just want to start some sort of fund to grow my savings.

[yaakov s]

I dont really know much of either of them... I just want to start some sort of fund to grow my savings.

If you are dealing with a limited (1k-5k) amount of $$. And obviously you have limited investment knowledge .I would suggest you set up a Vanguard account for your kid and then direct deposit $50 to $100 every month into that fund . There are many funds but the most popular is the S&P500 Index Fund . Another option is if you know your time frame , say your saving for your daughters wedding then they have funds that start off more balanced towards stock and as the time of redemption arrives it shifts over to bonds to offset the risk of a sudden downturn when you are ready to withdraw. Its called Lifecycle or Target. You could easily do it on your own or call them for help setting it up.

Im not familiar with Sharebuilders and if they do this and if yes if they have any advantage.

If investing really scares you . I think there is a guy Ostreicher (Oakwood Financial?) who advertises a "Chasuna" plan in Lakewood ( hey!! thats where you are from). What he is doing is exactly what I described just he is putting it in a load fund . that means you are in essence paying him to help you. Which IMHO he rightfully deserves more then those few pennies if someone is too thick/lazy to figure out the ABC of squirreling away money in Mutual Funds for their kids