Welcome to the Jill on Money, Corona virus Market Update. It is Wednesday, August 26th, and we are going to get right to it. I know it's Hump Day for many of you,

although pretty much everyone's working seven days a week no matter what. I don't care whether you have a job or not I know this is all work to many so here is what you need to do if you've got a

financial question send us an email it's ask Jill at Jill on money.com

okay Stephanie writes the subject, 15-year-old savings account.

Hi Jill, I'm a new listener.

I love your show.

I have a short attention span so the podcast is perfect for me.

Your voice is soothing and keeps me engaged. Here's the

question from Stephanie. I have a 15 year old son. He's got 2,600 dollars sitting in his

extra student savings account earning 0.6% interest.

There's also $1,600 in regular savings at 0.05% interest.

Aye, yay.

Where his 100 to $150 a month child support gets direct deposited.

Okay, he plans to join the military where he may possibly get tuition funded with a GI bill, but we don't want to depend on that in case

benefits change by the time he joins. He plans not to touch this money and I would like to watch

it grow. What are some compound interest options for him? Would you recommend a CD or a Roth IRA? Thank you from the bottom of my heart

for sharing your knowledge. Stephanie, there's a couple of things to consider.

Yeah, sure, a CD is fine. You can go to deposit

accounts.com, very easy. You can search for good CD rates and high-yield money market accounts.

A Roth IRA would be okay as long as he had earned income. But remember, you know, that's really long-term money. So I think if you want to at least have the idea, the possibility of needing that money, spending that money, just search for better online

interest rates and or maybe a shorter term CD.

Okay, I think that'll keep it simple for you.

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