Child Funds... how best to keep the money?

**qtkitty** · 03-19-2008, 04:10 PM

We have been saving up money ( change and a few $ ) i am curious i guess .. how do yall save back that money your children get. We are wanting to save for when she is older in college and/or for a car ( aka to buy a car out right and then have her pay back her own fund hehehehe i know evil ).

I do not trust banks to hold money like that... i had a bad experience when i was younger.. i had needed my money out of my kitty cat account ( some of you may know the bank i am talking about if they still do those ) and it had been closed and all the money slowly drained out of the account over the years. Needless to say both me and my mom had a fit about it. This was money that was supposed to be safe. Quarters i had saved up on their little paper to put into the bank to save up, birthday moneys, christmas moneys, ect. They tried to say that they had tried to contact my mom but were unable to ( AKA they saw the address on my drivers license was different then what was on the account ). My mom was like UHM thats not possible because the address on the account should be such and such they were that is correct. My mother was like well then i would have gotten the mail since my mom still lives there and gives me all the important mail i get there. The lady looked like she had been caught but said that there was really nothing she could do. They ended up going through the interest during the time the account was there and what was taken out and i still had $200 some left suddenly.

Needless to say i do not trust banks so what is more secure out there that could gain some interest??

**M55FF** · 03-19-2008, 04:20 PM

if you dont trust banks, and will not open an account, your going to have some problems.

what is more secure?
I can't think of anything....

dont worry about saving for your kids college until your kid proves he/ she is college worthy because many kids never go. For some the service is a better way.

There are also many grants and loan programs available, so anyone can go if they wish, no matter if they have no money...
the bursars office will get people a pell grant if they are poor and they can also get jobs as work studies at the college to help pay for books.

**M55FF** · 03-19-2008, 04:22 PM

how can you make interest ? how are you at breaking kneecaps?

**Holly** · 03-20-2008, 12:13 PM

Wish I could help but I won't do business with banks either.

**mombottoo** · 03-20-2008, 05:14 PM

I don't generally promote Savings Bonds, but if you don't trust banks to hold on to your money then that is the only idea I can come up with.

Generally speaking banks are the safest place to keep your money. Granted the interest isn't all that great but, it's better than 0 and that's what you are getting now.

If you open a savings account use your child's ss#, have both of your names put on it w/a stipulation that the child cannot withdraw money without your signature. That's what I did for my kids and we never had any problems.

**M55FF** · 03-20-2008, 06:28 PM

Tony Soprano didn't use banks and he made good interest. He had to wack a lot of people to be his own savings and loan

did you ever watch the show? I watched the whole thing from episode 1 to the very end, it was addictive !

**ravenmaniac** · 03-20-2008, 09:02 PM

Can you join a credit union? Right now our's is offering a CD at 3.5%. You only need $100.00 to open the CD and can make deposits at any time. Banks are secure. If you save the money and your child decides to not go to college they will have a nice chunk of money when they get married or buy a home.