Ask Terry Questions CDs for grandchildren

CDs for grandchildren

By Terry Savage on October 16, 2022 | College Savings / Student Loans

I have CDs maturing this week for my grandchildren were can I get better interest and how do I go about obtaining them

Terry Says

Are you the “custodian” on those accounts for your grandchildren? How old are your grandchildren?
Do you know that when they turn age 18, the money belongs to THEM!! And if they apply for financial aid for college, the money in those type of accounts weighs very heavily against them in the financial aid formula.

I’d suggest you open a 529 college savings account, where the money will grow tax-free for college. Search my columns or go to www.SavingforCollege.com to learn more.

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