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Close Friend going to jail, I want to set-up an account of money for him when he gets out. What’s the best option?

Question

One of my friends in my close circle is going to jail and the rest of my friends in the circle want to contribute to a joint account for our friend to be able to use when he comes out. The sentence is about 5 years and we want to be able to continuously add money to the account overtime. We want the money to be racking up interest over time, but we also want to beat inflation(~3%). Any tips will be appreciated. Thanks

Answers

Someone answered:

VTSAX

Someone answered:

I just want to say you all are fantastic friends.

Someone answered:

Unpopular opinion: It's probably not a good idea to financially support convicts. That is just enabling them. If you really want to help a convict, then have a place they can stay when they get out. Help them fill out job applications, and help get them to professional appointments. People generally don't value free cash, and giving someone cash is probably just going to be wasted. Whereas if that person actually earns their cash they will value it more. "Teach a man to fish… ect…"

Granted I have NO IDEA what the guy is in for, so I really don't know and could be wrong! ¯\_(ツ)_/¯ I'm just speaking my opinion in general about the topic.