My husband and I recently opened a bank account for our kid and I saw an option where we can enroll our savings account with the bank's trust fund options. We only have to choose whether we will contribute on a once or twice a month basis. The minimum amount for investment is fairly low so I'm really interested in enrolling our kid's bank account in a trust fund while he's still very young so that it will have grown by the time he's already in his college years. My husband however is the weakling when it comes to investment that's why I couldn't immediately take the action of investing our child's account in a trust fund. How about you guys, what do you think about trust funds? Do you have one and what are your experiences so far? I'd love to know your thoughts on this.
Bank trust funds is one good way of saving money for the future. The former bank where my husband worked had a trust fund where you can deposit 1,000 every month and earn a good interest when you complete the 15-year build up period. That trust fund was meant for children although it is also applicable for anyone. Unfortunately the bank closed and our money, with corresponding interest, was returned.
That is actually one of my concerns, banks closing here and there. I know though that the bank I'm thinking of investing into is a secured one because it is also connected to a big mall chain so I'm quiet confident that my money won't be lost if in case it would experience some setbacks. You're lucky to have gotten your money back with the interest despite the closing of the bank.
Before closing, that bank had the courtesy of returning all the trust fund investments to their clients. It is a very good bank that's why we were saddened when it was closed by the Central Bank. Our present bank is where I am employed. It is stable because it is the number 1 bank in the country in terms of assets and everything. But I am not keen in buying shares of stocks of our bank for investment because I don't know anything about stocks. Maybe if our bank comes up with a good trust fund then that's the time we can put in our investment.