I want to open a savings account the day that our first baby is born (due date was 6/27/07). Every bank and credit union I find requires a SSN and typically it takes 2-3 weeks for a baby to get a SSN.
Whats the best way to get an account open for him?
I want to open a savings account the day that our first baby is born (due date was 6/27/07). Every bank and credit union I find requires a SSN and typically it takes 2-3 weeks for a baby to get a SSN.
Whats the best way to get an account open for him?
Wait the 2-3 weeks and then open it. You are not going to miss out on too much interest. Double up on the first deposit
You should be able to open a joint account with your name as the primary, probably at your bank would be easiest since they already have you as a member.
I have one with my son, and I dont remember them requesting his social#
I'm a Certified Financial Planner and have helped clients who are in the same boat as you. Unfortunatley there is nothing that you can do for your son, in his name, without a SS#. All accounts now require a social security number, this is mostly due to the Patriot Act and Money-laundering laws that were put in place post 9/11. There are some other alternative however, depending on the type of account. If you'd like to talk about them, send me a PM with your phone number.
Call your bank and setup an informal trust fund. Basically it's your account setup as an informal trust for the kid. It can be whatever type of savings account you like. All you need is a name for the child and if the wrong sex comes out then you can change it just like you would a regular account. When the kid gets older you can change the account to whatever you like by opening a new account and withdrawing all the money and depositing it in the new one. That's what I have for my first born. And thanks for the reminder I have to call right now and set one up for the boy that just came last Sunday.
What I have found easiest is you open an account with INGDirect.com
From there you can open a primary account and then open sub accounts..
I have my savings account then, sub accounts for my 2 kids... you can't beat the 5% +/- interest, and it's paid monthly, instead of quarterly.
The main account can be opened over the internet and it links right to your checking account.
I think you can do the same with Etrade, with that route, you can invest in funds yourself and create your own mutual fund for them...
I like the money in my name for the kids, so if they turn out to be azzholes, daddy gets a new boat in 16-20 years
A benefit for me also, is it takes 2-3 days to withdraw money (transfer to checking), and I'm an impulse buyer, so it helps cool things down.
I'm a Certified Financial Planner and have helped clients who are in the same boat as you. Unfortunatley there is nothing that you can do for your son, in his name, without a SS#. All accounts now require a social security number, this is mostly due to the Patriot Act and Money-laundering laws that were put in place post 9/11. There are some other alternative however, depending on the type of account. If you'd like to talk about them, send me a PM with your phone number.
Geezus, just tell them he is from mexico and is an illegal alien and they will set an account up for him.
Here's some good info for when your ready to open.
http://www.bankrate.com/brink/rate/college_home.asp
College Planning
529 College-savings-plan estimator
http://www.bankrate.com/brink/calcul...ng/529calc.asp
Geezus, just tell them he is from mexico and is an illegal alien and they will set an account up for him.
If only it was that easy, didn't you read Mandelon's thread about the illegal worker -
Shop around for the best rate, but ask the savings institution to also open a line of credit in the kid's name. I know it sounds nuts, but length of credit history is part of the FICO equation to calculate credit scores. The longer he/she has had credit, the higher his/her score.
Here's some advice you didn't ask for so ignore it at your pleasure: Don't tell your kid about the line of credit until he/she is much older and then explain the importance of maintaining good credit (lead by example here). Read the book "Rich Dad, Poor Dad" so you know how to teach your kids about money, cuz the school system is just gonna set 'em up for failure...
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