I want to start a long-term savings account for my infant daughter. Some notes on what I'm looking for:
- Fairly low annual minimum deposit requirement, like a few hundred dollars.
- Accept deposits easily, for family members who want to give financial gifts.
- Strong interest rate (or potential for it to adjust to a strong one!).
- It can be locked in for a while (no withdrawal), until she is at least 16 or 18 years old. If it's not locked in (like a CD), that's also ok.
- It's not necessarily for college savings, so an education fund isn't appropriate.
Any recommendations for specific accounts or banks? Thank you!