conversation: User (r04r04r): "I have a bank account containing money that was slowly deposited by my grandmother with the intention of keeping her children out of her money when she dies but also to allow me to care for her taxes, health care, etc. So a custodial account/future inheritance. I'm trying to figure out what kind of account I can put it in to grow her money most efficiently but keeping it available for use.\n\n It has less than 100k in it currently and I had it in a promotional 1% interest checking through chase for the last year. Before that I had it in a money market that earned less than  $600 annually. I'm in my 20s and have very little experience in this area and my grandmother is unhappy with the interest being earned. She's used to higher interest rates from decades ago and doesn't seem to understand how things have changed! What kind of interest can I realistically expect and what is the best type of account for this situation?"
  Self: "It sounds like the money needs to be liquid and available at all times. As such, an FDIC insured savings account earning ~1% is likely the best you can do. As an alternative, a Certificate of Deposit is an option, although they are also yielding very little in interest currently.\n\n&gt;deposited by my grandmother with the intention of keeping her children out of her money when she dies.\n\nI hope this is in her will. If not, the money will probably be dispensed to her heirs regardless of her unwritten wishes."
  User (r04r04r): "It is in her will but she worries her children will contest it. She raised me and I am the only one of her "children" that maintains daily contact (the others call once a month at best) and am responsible for her health care, home up keep, groceries/errands etc. Her plan has always been to leave me her house and meager savings because I don't have parents and all of her other grandchildren do and will inherit their parents homes (or have already had homes purchased for them by their parents in a few cases) if that makes sense. Her children have still complained and said they would contest. She has been looking at transferring the deed to my name before her health declines much more but we haven't figured out if that would have any negative implications for either of us.\n\nYes, I need the money to be liquid in case of emergency, so things like CDs won't work. I will visit a few banks and try to find a savings account at 1%. Thanks so much for the helpful input."
  takeandbake (takeandbake): "Online banks tend to offer the highest savings rates.\n\nI would advise her to speak with an elder law attorney."
  Self: "/u/takeandbake hit the nail on the head. \n\nOnline banks, like Ally, will probably offer the best interest rates, unless you can find another promo rate.\n\nI would also advise you to speak to an attorney specializing in wills and elder law if you suspect shenanigans will ensue when your grandmother passes away. Getting this taken care of now will probably be much cheaper than trying to tackle it after she is gone."
  