Susan, I am looking at opening up both types of accounts for my 5 month old son. I want a CD because they tend to have higher interest rates thus yielding a better return of the funds. I also want a savings account that he can have immediate access to when he's older. The CD's tie up your money for a set amount of time and there are penalties for early withdrawal of principal, which is determined by the length of original maturity. I hope this helps.

I have a 1 year old grandson. My daughter, his mother, would like to put a little away each month for him for a savings. Does anyone have any suggestions as to the best way to go---a CD or savings account, or whatever? Thanks so much.

Susan