HSBC and ING Direct Fanboys

[Philippine Mango]

I don't get this, what is the difference between the e-savings account and a day to day savings account!?

E-Savings
Day to day savings

 

[her209]

Originally posted by: Engineer
I opened a CD for my daughter for one year with ING at 5.0%. This was about 3 weeks ago.

Short term (6 month) treasury bills are at 5% and have the advantage of ZERO state/local taxes on the earnings! (see www.treasurydirect.gov for details).

Assuming she doesn't earn more than $600 in interest per year on the CD, its not taxed... right?

 

[Engineer]

Originally posted by: her209

Originally posted by: Engineer
I opened a CD for my daughter for one year with ING at 5.0%. This was about 3 weeks ago.

Short term (6 month) treasury bills are at 5% and have the advantage of ZERO state/local taxes on the earnings! (see www.treasurydirect.gov for details).

Assuming she doesn't earn more than $600 in interest per year on the CD, its not taxed... right?

Edit: 2005's unearned income limit was $800 for a child. I'm reading the details now from the IRS site:


Edit: Not sure about the below now. Just noticed that it's from 2000. Will search more:


Looks like it's $700 now.

The child has only unearned income more than $700. The first $700 is excludable as a standard deduction.

From here.


EDIT #4: @@%#@%@##%#$^#$%^#$^ DAMNIT>>DAMNIT>>DAMNIT...

When I opened the CD for her, I logged into my account, which has links to her account. I purchased the CD without thinking about it and it's under MY name instead of hers! 🙁🙁🙁

If I redeem it, I get a 3 month penalty on interest....EVEN if it's not earned that much (I'll lose money). DAMNITTTTTTTTTTTTTTTTTTTTTTTTTT!!!!

CRAP!

Edit #5: Well, I just checked and there is an option on the CD to select an account to which to depost the interest. I set it to her's and hope it will now be shown on her 1099 and not mine. Crosses fingers *sigh*....

 

[bennylong]

I keep mine in the mattress and hope it doesn't burn

 

[zanieladie]

Originally posted by: bennylong
I keep mine in the mattress and hope it doesn't burn

:thumbsup: FTW!

P.S. Can you give me your address and the location of your bedroom?