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    Deal Goddess FreebieQueen's Avatar
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    Jan 1995
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    Info MN - Kids Savings Acct - 10% interest on 1st $500, 5% everything above $500

    MN - Kids Savings Acct - 10% interest on 1st $500, 5% everything above $500

    Village Bank has a kids UTMA/UGMA (custodial) account that earns 10% on deposits up to $500. Deposits over $500 earn 5%. Unlike a Coverdell (sp?) or 529 plan, this account:

    • -Does NOT have to be used for educational purposes
    • -Belongs to the child and income is reported under the child's social security number
    • (This could be a big tax savings, depending on what tax bracket you are in)
    • -Is protected in the event of a divorce. Assets are NOT negotiable as either parents acct.

    ...and the usual has no minimum balance etc etc.

    Check out

    For a gift of $10 a month, you can have $5,000 sitting there for your kid


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