Anonymous
01/29/2013 13:52
Subject: Gifted $10,000 toward home down payment
Anonymous wrote:If you have kids, we discovered that some banks offer custodial minor accounts with much better interest rates than conventional savings accounts. For a short term place to plunk money it's a decent option.
For example, at Virginia Commerce Bank they'll give 2.47% on amounts up to $10,000. A one year CD only gives 0.2%
Might be a dumb question, but could you run into problems when you want to withdraw or demonstrate the source of your downpayment? I know for a custodial account you effectively have control of it, but it's technically your kid's money?
Anonymous
01/29/2013 13:49
Subject: Gifted $10,000 toward home down payment
If you have kids, we discovered that some banks offer custodial minor accounts with much better interest rates than conventional savings accounts. For a short term place to plunk money it's a decent option.
For example, at Virginia Commerce Bank they'll give 2.47% on amounts up to $10,000. A one year CD only gives 0.2%
For example, at Virginia Commerce Bank they'll give 2.47% on amounts up to $10,000. A one year CD only gives 0.2%
Anonymous
01/29/2013 10:43
Subject: Gifted $10,000 toward home down payment
A bank CD or a short term Treasury money fund. Time horizon is way too short for anthing else.
Anonymous
01/29/2013 10:37
Subject: Gifted $10,000 toward home down payment
I don't think we'll be ready to buy for another year. Maybe more, but hopefully not. Where is the best place to put the $10,000 in the meantime?