Quote:
Originally Posted by onewhippedpuppy
Maybe I'm dreaming here and just need to go with a money market account, I just wanted to insure that I wasn't missing anything.
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We did the MM savings account for each child through Navy Federal.
We started each child when they could grasp what the whole point of the exercise really is: to teach them how to save, the power of compound interest, etc.
Eight years-old seemed to make sense. I won't bore you with the details, but we made sure they opened the monthly statement and we went through it with them.
Great concept and one that worked for us, sort of: My son is a profligate saver, my daughter sees interest as income to be spent. The delta is amazing.