Comments on: Affinity Bank - 10% Interest For Kids http://www.pfadvice.com/2005/11/11/affinity-bank-10-interest-for-kids/ Bridging the gap between saving money and investing Mon, 01 Dec 2008 21:50:19 +0000 http://wordpress.org/?v=2.6.1 By: devilray http://www.pfadvice.com/2005/11/11/affinity-bank-10-interest-for-kids/#comment-105 devilray Sat, 12 Nov 2005 01:51:55 +0000 http://www.pfadvice.com/2005/11/11/affinity-bank-10-interest-for-kids/#comment-105 Or you can put the full $500 into the account and take out all the interest ;) Or you can put the full $500 into the account and take out all the interest ;)

]]> By: mbhunter http://www.pfadvice.com/2005/11/11/affinity-bank-10-interest-for-kids/#comment-102 mbhunter Fri, 11 Nov 2005 18:15:48 +0000 http://www.pfadvice.com/2005/11/11/affinity-bank-10-interest-for-kids/#comment-102 This can be a great deal for jump-starting a kid's saving program. It's also clear that this is a loss leader for Affinity, and that they're trying to get more adults to open accounts there. If the child is really young, you can open up the accounts you need to get the kid's account, put $450 or so in the kid's account, and skim off the earned interest into another account for the child as the balance approaches $500 so that you can keep accruing interest at 10%. Until too many people do this, then they change the rules and it no longer is fun. :) This can be a great deal for jump-starting a kid’s saving program. It’s also clear that this is a loss leader for Affinity, and that they’re trying to get more adults to open accounts there.

If the child is really young, you can open up the accounts you need to get the kid’s account, put $450 or so in the kid’s account, and skim off the earned interest into another account for the child as the balance approaches $500 so that you can keep accruing interest at 10%.

Until too many people do this, then they change the rules and it no longer is fun. :)

]]>