suggestions for long-term savings for DD - Mothering Forums

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#1 of 6 Old 10-04-2013, 06:09 AM - Thread Starter
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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!

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#2 of 6 Old 10-06-2013, 01:33 PM
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It looks like your post might have been missed, so I wanted to bump it up for attention. :bump: I'm also going to move it over to the Finances forum as you are more likely to get responses there. Anyone have a recommendation to share?

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#3 of 6 Old 10-06-2013, 05:53 PM
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Are you in the US?  Everything else is not hard to find except the "strong interest" part.  As far as I know there's no such thing right now.  The highest rate right now is about 3% for 5 years, but that's here (Canada).  In US it's no more than 2%.


Anyway perhaps some US members can give you more tips.  I'll just bump this for you.

Mom to 2 beautiful autistic boys (13 & 12)
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#4 of 6 Old 10-06-2013, 07:45 PM
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I have accounts for my littles at Capitol One (formerly ING Direct).  The interest rate was relatively good (~2%) when I opened them, but now its at 0.75%.  Its not a ton, but I haven't made any efforts to look for something better.  All monetary gifts go into it, but gift givers don't deposit it directly (although there is probably a way that they could....electronic transfer?).....I transfer the money from my account into theirs, and note who it was from and the occasion in the "notes" line.  Not necessarily what you are looking for, but its what we do.

Mama to F (3/09) and S (3/11); and never forgetting my babe gone too soon angel1.gif(4/10).

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#5 of 6 Old 10-07-2013, 05:57 PM - Thread Starter
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Thanks for the tips so far. Yes, this will be a US-based account. Perhaps I'm overly optimistic to hope for a strong interest rate. smile.gif I was thinking long-term accounts (locked in for a certain number of years or until she's a certain age) might have that...
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#6 of 6 Old 10-08-2013, 06:21 AM
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You may want to look into opening an account with the treasury.  You can go to and open a minor account for your daughter.  I don't think there's a minimum amount you need either.  The minor account is able to accept gifts from others as well.


I have some bonds for DD for long-term savings.  This is separate from her college plan.  She also has a savings account at our bank for short-term savings (she wants a new bike next summer).   :)

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