Came here to say this. Brokered cds have better rates without the banks hassle. (Short grace periods to do something with it) Just set up a Fidelity account for my daughter for this purpose.
Also, the cash sitting In Fidelity’s invest accounts makes 4.4% currently. Varies slightly by the day.
Runfish t1_je3f97k wrote
Reply to comment by WasteProfession8948 in [Beginner] In my location, my bank (PNC) has a savings account interest rate of 0.03%. Capital One is 3.4%. American Express is 3.75%. Is there any reason not to switch to one of those? by Flopcandy
Came here to say this. Brokered cds have better rates without the banks hassle. (Short grace periods to do something with it) Just set up a Fidelity account for my daughter for this purpose.
Also, the cash sitting In Fidelity’s invest accounts makes 4.4% currently. Varies slightly by the day.