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best bank for an infant savings account?
Old 09-23-2021, 09:45 AM   #1
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best bank for an infant savings account?

Hi I have a 7 month old niece, my brother and sis in law are looking into opening a savings account for her. They have an account at Chase but for some reason my brother hates Chase and they are looking for another bank. Any suggestions?

They have opened a 529 already and i'm a contributor
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Old 09-23-2021, 09:52 AM   #2
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A brokerage account and buy VTI.

In 20 years it will be worth more than any savings account.

Otherwise, I would recommend Ally bank, much better savings rate than Chase or any brick & mortar bank.
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Old 09-23-2021, 09:55 AM   #3
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^ Agree. My teenage kids all opened Roths at Schwab and it's working out very well for them.

You could open a UTMA account for the kid at Schwab. They seem to be more amenable to small custodial accounts than Vanguard (at least when I looked 10 years ago they were).
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Old 09-23-2021, 11:27 AM   #4
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Originally Posted by Beachgrl View Post
... They have opened a 529 already ...
Why do they not want to just contribute to the 529? Those seem to be exceptionally flexible options.
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