My teen son (14 yrs old) and I are looking for advice on where to invest his savings. He has just over $600 in a 6-month CD at Ascencia Bank, which he opened with $500 years ago. It comes due soon, and the current rate if he renews it is 1.06%. He is fairly miserly and doesn't anticipate needing this money any time soon (probably not for years) and he has some other money available to spend on himself.
I poked around the internet a bit and the only other thing that I've come across paying 1% or more is the Ing savings account, but it looks like it has to be linked to a checking account, which he does not have. He does have a kids savings account at WF so opening checking would not be a big deal (my16 yr old has a checking there and we have found this very convenient and our checking is with WF, too).
I haven't asked him recently, but in the past he has not been interested in riskier investments, so we are just looking for safe savings ideas.
Any thoughts/ideas on good investment choices for him? TIA!
I poked around the internet a bit and the only other thing that I've come across paying 1% or more is the Ing savings account, but it looks like it has to be linked to a checking account, which he does not have. He does have a kids savings account at WF so opening checking would not be a big deal (my16 yr old has a checking there and we have found this very convenient and our checking is with WF, too).
I haven't asked him recently, but in the past he has not been interested in riskier investments, so we are just looking for safe savings ideas.
Any thoughts/ideas on good investment choices for him? TIA!