529 Plan and College Savings

Question: Which banks have the highest interest rates for savings accounts?

In the USA. NY, NJ area. Anyway, I am 16 and will be getting a job soon and will be working everyday. I plan to save up primarily for a house. Don’t laugh, I am not even joking. I plan to go to Columbia University and have a part time job when I go there, I plan to do 2 years at a community college to get my basics out of the way, and also plan to work then too. My question is, when I become of agein a year and a half, I can basically do everything my parents do at the bank, correct? e.g: having a checking account, be able to use a credit card, etc… If yes, then which bank around NY, NJ would have the best rates for a long term savings account? (I’m sure theres another banking name for “long term”), because basically I want to put 75% of the money I earn into that one high interest savings.

Answer: Go to the www.Bankrate.com. If your long-term is seven years or more, you are better off placing your money in stocks.

If you are planning to use the money for a house, consider putting the money in Roth IRA. You can withdrawn the money ealry for a first-time homeowner.

Good luck on saving 75% of your income but have some fun. You are only 16. You have many years of hard work ahead of you.

APRIL 27 2010 SNOWSTORM IN NORTHERN NEW YORK!

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