My parents want to give my new baby some money for a savings account. However, if its just going to sit there for 20 years, I’d prefer for it to gain interest/dividends. Is there any easy way to setup a fund that tracks s&p500 and preferably tax advantaged? Or am I better off just investing in the relevant mutual fund.
Be careful with savings accounts. I made an account in elementary school at a local bank. I had a couple hundred dollars in the account. However because I was not making money, I stopped adding pocket change. At some point Chase bought out the local bank. In that merger Chase changed my account from a no-fee student savings account to a maintence account. With that change, Chase started taking $5 a month! One day I got a statement that said they closed the account because of insufficient funds. The bastards stole all my money! So make sure there are no fees for non-use or some stupid crap like that.