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In your calculations also be sure to ask the credit union if there is an account transfer fee to transfer the money to the new custodian. This can run $50 dollars or more.

I had not thought of that, and I should have since I've paid a fee to move my own IRA from one brokerage to another. So I just called, and it has been confirmed that the credit union has no fee for transferring the account out.

You might check to see if they can get a CD with the credit union with a better rate if moving the money does not make sense right now.

And another good idea, so I'll look at that compared to moving the account for DS. I think I'm OK for DD as she'll hit the appropriate limits probably within a year to get rid of the first $10, so $10 a year isn't all that bad. I'm still not sure if we'll wait for DS to also have $3k before we move it, and all of this input has been very helpful.

Most likely, I'll put some numbers together and let the kids decide if they want to move now or wait til they have accumulated more.
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