What’s a good savings plan for my children?

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amother

Thu, Sep 21 2023, 3:16 am

Inspired by the other thread a poster mentioned putting away $25 per kid a month.

I’d like to do that and put away $50 each month per child. Can someone recommend an account with decent returns that works through direct debit?

Can be in US or UK.

amother

Turquoise

Thu, Sep 21 2023, 6:57 am

You can do Vanguard and have it automatically transferred every month.

Or you can do a Citi savings account - I don't know if you can have it auto transferred every month though.

amother

Outerspace

Thu, Sep 21 2023, 7:26 am

We use Fidelity. We set up an account for our child, and have $50 automately transferred from our bank account to Fidelity account every month. Then we had set it up so Fidelity automatically invests it in a very low cost index fund.

We're not really wealthy, hence the $50 a month. But we are familiar with how to use investments. My parents did it for me, and I'm glad to be able to do it for my children. The amounts really add up over time, and over the decades really producing significant returns.

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