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What kind of savings account is best?

In a few months, my boyfriend and I will be welcoming our first child into the world and lately I have been thinking about starting a savings account for her.

However, I’m not the world’s smartest when it comes to knowing the different types of savings accounts. I am also interested in beginning an account for my nephew. What would be the best type of savings account to start and what are some questions that I should ask the bank to decide which bank to use?

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Answer #1

Congratulations on the baby :)

First of all, what do you want the money for? -The child’s education? -The child’s money for car/house for when she’s older? -Or something else..?

If you want it for something like education, then it would be good to open a trust fund. So you can be absolutely sure that the money does actually go to your girl’s education (or whatever you choose). If anything were to happen to you and your boyfriend, you would want the money to stay with your daughter in the purpose you intended it for. A trust would ensure this to happen. Whereas a savings account could be accessed by another family member or your daughter could use it for purposes unintended. Good luck xx

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