What's the best savings account for a child?

Whats the best savings account for high interest?

• I have $2000 I'd like to put in a savings account. Currently I have a business economy savings and a personal savings, both Bank Of America. My plan is to put this money into savings and add $200-$300/month into it. I'm not going to be paying taxes quarterly (due to my W2s where I claim 0, and also a high amount of deductions this year). However I don't want to come short so I am putting aside an additional 15% of my income into a savings account. I would like to make more interest than what my savings account offers, which I believe is 1% (someone correct me if I'm wrong?). I don't need access to the money until at least January of 2013. I wouldn't mind if it was locked away, just as long as I could continually add to it. So, what are my options as far as where to put the money, how much interest, if its monthly or not, and whether its compound interest or not?

• Answer:

  Your correction is correct. Bank of America pays some of the lowest interest rates, generally less than 1/10 of 1% on regular savings. Here are the rates of higher interest paying banks. Than means about 1.1% for a 1 year CD and about 0.75% for a 9 month CD: http://cdrates.bankaholic.com/?product=15&x=8&y=6&ec_id=m8005642&ef_id=Ym5Ol2VN@2QAAMvG:20120503052807:s