High-yield savings accounts can offer easy access to funds, plus the security of FDIC insurance for balances up to $250,000. The exact interest rate for these accounts varies, but it's often higher than standard savings accounts. This higher interest rate makes them a solid option for investments like this one. The fund will grow gradually with compounding interests. Pros: No risk of losing the principal, Easily accessible, Low management requirements.
A 529 plan can be a valuable tool if education is the primary goal. However, that isn’t necessarily the case in this poster's situation. These plans allow savings to grow tax-free if the money is used for qualifying educational expenses.
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