savings account – Debra Newby Watkins CPA

530A Savings Accounts for Children

Did you know that if you have a child under the age of 18, they most likely have been auto-enrolled for a 530A Savings account, also know as a Trump account? These accounts are meant to serve as tax deferred savings accounts for American children and have the ability to capture gifts from non-profits and public philanthropists as well as receive contributions from parents/relatives. To claim your child’s account, visit trumpaccounts.gov. Children born from 2025-2028 are eligible for a $1000 seed deposit.

Small Things Add Up

Are you aware of the offers your bank gives for certain types of accounts? Do you know how much interest your regular or high-yield accounts pay? Have you ever felt confused by the information you bank sent about interest or ways to save?

These questions and more are currently at the forefront of the banking industry and have brought to light certain practices that institutions may be using to mislead their clients. Capital One was sued by the consumer bureau over advertising meant to deceive customers.

The article advises consumers to be diligent and pay close attention to “deals” when they come from their banks. These could help your money earn more. Read Here: Why Banks May Be Hoping You’re Not Paying Attention

Savings For All

Millennials are often seen as “financial freewheelers,” Zach Witcher says in the first line of his New York Times article, For Millennials, It’s Never Too Early to Save for Retirement. This label actually doesn’t fit all of the 20-30 year olds currently in the workforce, many of whom are already putting money into savings. One important aspect of beginning to save early in life is the amount of time your investment has to grow. Check out the five examples in this article and see how your savings plan stacks up to these young workers.