High interest money market account. Many currently offer about 5%. I use Fidelity.DS has ~$15,000 that he has earned in a savings account earning .10% interest. He recently turned 18, so I'm encouraging him to open a checking account with access to a debit card. He would also be able to get a Venmo account linked to the checking.
The checking account only pays .15% interest. He has access to a 2016 car for free, so no need/desire to purchase another one anytime soon.
Is there a better option for him to put the bulk of his savings until he has need of it?
He is an authorized user on our AMEX. Would this give him access to AMEX HYSA?
Statistics: Posted by protagonist — Mon Aug 26, 2024 6:15 pm