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amother
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 Thu, May 30 2024, 7:37 pm
| amother Apricot wrote: | I have money in CIT.
Does anyone know which bank is good nowadays for kids accounts? |
My kids accounts are in Fidelity, the interest rate on the core position is about 5%.
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amother
Charcoal
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Thu, May 30 2024, 7:43 pm
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I have an account with Bread Savings. 5.15% APY!
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amother
Turquoise
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Thu, May 30 2024, 8:26 pm
| amother Yellow wrote: | | My kids accounts are in Fidelity, the interest rate on the core position is about 5%. |
What is this? Can you expound on it?
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amother
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Thu, May 30 2024, 8:33 pm
It’s a brokerage account. If uninvested, the cash sits in the account in a money market fund that earns interest. I have my own brokerage account there and transfer funds to the kids accounts when they get cash earnings or gifts.
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amother
Hydrangea
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Thu, May 30 2024, 9:12 pm
| amother Yellow wrote: | | It’s a brokerage account. If uninvested, the cash sits in the account in a money market fund that earns interest. I have my own brokerage account there and transfer funds to the kids accounts when they get cash earnings or gifts. |
Why don't I know what this is? I have a fidelity account, but the uninvested money is in an account that doesn't receive interest, I think it's called Spaxx?
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amother
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Thu, May 30 2024, 9:46 pm
| amother Hydrangea wrote: | | Why don't I know what this is? I have a fidelity account, but the uninvested money is in an account that doesn't receive interest, I think it's called Spaxx? |
Same here. What exactly is the account you have called that earns this interest?
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amother
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Fri, May 31 2024, 2:52 am
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SPAXX most definitely earns interest, it might post as dividend income, not sure. Look up the 7 day yield on the fund.
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InnerPrincess
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Fri, May 31 2024, 7:09 am
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Another vote for fidelity- you can invest buy bonds or cds, or just let it sit and earn close to 5 percents. Also chase J.P. Morgan
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