I'm new to pretty much everything about finances and credit cards and APY and all that.
I'm finally at a point in life where I'm able to start saving money instead of living paycheck to paycheck. It was a terrible way to live and I want to help my younger siblings avoid it at all possible. One is 13, the other 17.
I've recently opened a savings account for both of them through my USAA bank but while doing more research I can across the term APY and how that relates to how much interest your accounts earn. The USAA savings account don't earn much.
I'm not going to be able to put a ton of money in their accounts (maybe around 5k-ish in the next 5 years) assuming nothing comes up financially for myself, of course.
I'm hoping to find a reputable bank that doesn't have a high minimum balance as right now they each have under $500 and the amounts not going to go up very fast. I just really want to get the biggest interest rate I can without being risky with their money.
I plan on giving the 13 year old access to her account when she turns 20 (or goes to college). As for the 17 year old I was thinking I'd give it to her when she decides to move out of our parents place (or she decides to go to college, as well). Likely though it'll be in the next two years or so.
I was doing some research myself for something similar but it was all banks I have never heard of and it made me nervous as to their reputation, and how long they've been in service, and whatnot.
I'm hoping someone who understands/knows all this better than me can point me to a few reputable banks and then I can narrow it down from there.
I'm in Texas if that matters, but I was hoping to find an online bank and not one I'd have to in person as I move around a lot.
Thank you in advance!!
Submitted January 13, 2019 at 10:39PM by pyrex_queen24 http://bit.ly/2Rqb6Sp
