A high yield savings account has been a reasonably good investment for the past few years. However, I would not recommend it for a kid starting out. Much better in my mind to have them start to learn about the different types of investments, retirement accounts, etc... now so he can implement that knowledge going forward.A high yield savings account at a reputable bank would also be a good step. At least the interest rate would be better than the (presumably) low interest at the credit union. Ally Bank (Ally.com) has been popular around here. Doctor of Credit also has good recs https://www.doctorofcredit.com/high-int ... o-get/amp/
As to the poster above, not sure I would prioritize explaining to someone how to backdate an IRA contribution just as they are getting started…
I think a Roth account at Vanguard, Fidelity, or Schwab would be a great place to start.
Statistics: Posted by WeakOldGuy — Sat Jan 04, 2025 2:34 pm