Have you checked out the website called bankrate.com? They have tons of useful info. and might address what you are looking for.

I actually signed up for the pay pal money market and I get more return off of that than I do my regular bank account. I just wish that I had more money in there but since I'm not working any jobs that pay me though pay pal right now I'm just letting the money I have in there rest for a while.

LilOne,

You can deposit money into your PayPal account as well as withdraw - if this looks like a viable way to earn some interest then maybe it's worth looking into.

That is an option that I'm looking into. Once I get working again, really working, then I will be getting paid with Pay Pal and right now the interest is 4.9%. Too bad I only got $4 in the account now, hope they don't freeze it before I can move some money into it. I won't get a pay check into my account until August, scratch that...I just remembered I get paid by direct check on this job. Might have to work something else out there.

I'm with those who say you should keep it in the savings accounts.

As they are seperate individuals, I also like the idea of keeping their money seperately.

It depends, how old are your children? Also, do they even know about the savings accounts and what's in them? If they don't, then by all means get a cd. Anything to give them more money. If they enjoy seeing what they have on a bank book, then ask them which they'd prefer. You'd be suprised at their answers.

I know this is off topic for the children saving, but I have paypal, how do I go about getting a money market account set up with them?

You should just have a space to click on the paypal website. That's what I did. I don't keep much in the account, but I get dividends on a regular basis. Just seeing those extra cents deposited gets me all giddy!

We have two different types of savings for out kids. A savings account for them each that they can put there money toward something big and a mutual mutual fund where its just one big pot for everyone. The mutual fund is our college fund/graduation present fund. As the kids get to highschool, we will let them know how much is available to each of them for college or if they pay their on way through college (by working or scholarship) the money will be available for them to invest in a home, a business, or property after they get their college degree.

Great idea about the paypal money market account. I'm going to do that. I have a paypal account but I really haven't done to much with it yet.