Savings Accounts for your LO?

katie2shoes

My aunt sent Nora $50.00.  I want to open up some sort of savings account for her so I am curious what other people have done.  Did you open just a regular savings account?  Or did you go with a high interest account, like ING?  Something different?

TIA!

Ris9701

We just have a normal savings account for Jax right now...we will also start a mutual fund for him at some point. My mom did that for us when we were kids and every time we put money into it, she would match what we put in! It was a great way to learn about saving, the market, etc. We plan on doing the same thing with our kids. When we went to buy our 1st house, we had almost $10,000 to put towards it.

mmcrocker

I've started out with a savings account, but will end up with other things as well, CDs, etc.

MayBride2B2007

for right now i just have the money in a normal savings account but when i have the time to sit and do my research we'll probably move it into a cd or a high interest account for her.

Skatcat

Ris9701:

We just have a normal savings account for Jax right now...we will also start a mutual fund for him at some point. My mom did that for us when we were kids and every time we put money into it, she would match what we put in! It was a great way to learn about saving, the market, etc. We plan on doing the same thing with our kids. When we went to buy our 1st house, we had almost $10,000 to put towards it.

 This!

neen01

We just opened a normal savings acct at our bank for her but we will eventually do something else with it - it is on my todo list

steve&heather

I opened a regular savings account (they call it a custodial account b/c it's technically in my name but it's her account).

Gregsbride22

We have some money in a regular savings account right now, but we are meeting with one of DH's friends next week who is a financial advisor.  We plan on opening some kind of college savings account...I think the most common is a 529 plan??  Not really sure, I hope to gain a lot more knowledge next week

TheButlers:)

We are going to open a 529 plan for Cal for college funds.  You can take the money out tax free as long as it is used for education expenses, and if he doesn't use it we can roll the funds to another beneficiary without a tax consequence as long as they are related.

ourlittlebean

E has an educational fund through Learning Quest.

stargirlkate

we have just a plain old savings account for ben now.  we ll probably be also doing some other stuff (maybe bonds, which is what my parents did for us growing up) but we re still deciding.  and while we live out of the US this is just easiest - my dad is also on the account so he can manage it for us while we re away. 

BarnStar

We are looking into this currently too. Right now, we are leaning toward opening a Roth IRA and just contributing money for her into it. Early withdrawals can be used for higher education costs or first home purchase for your dependent. Of course, there are income restrictions to be eligible for a Roth so it's not right for everyone, but DH and I are eligible.

pumpkinhead06

we have a regular savings account for him, and an ING account.  We have already decided that when his ING hits a set number, we'll then roll it into a CD or some form of money market thing.  DH is on top of this!

QueenOfWhirled

My dad opened a custodial account for her. I asked him to so we'd never be tempted to take money out if times got tough.

rowanthefrog

We started a college 529 savings plan for him.  We contribute a little each month and so do his grandparents.  Any other checks or anything that come will go into that as well.

A