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babyberry
LIF Adult
Member since 1/11 1477 total posts
Name:
Ang
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anyone open a bank account for baby?
with the ever increasing college tuition nowadays, dh and i are beginning to wonder if we'll be able to afford it when the time comes! we're thinking of opening a savings account for ds but not sure which kind of account is the best. i keep hearing about certain savings account that are geared towards saving up for college or upromise.... does anyone have experience with this and willing to share?  TIA!
edit: is there a fee for the 529 plan? what is a youth account? 
Message edited 3/27/2012 11:52:13 PM.
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Posted 3/27/12 2:54 PM  |
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timefortwo
LIF Infant
Member since 10/11 321 total posts
Name:
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Re: anyone open a bank account for baby?
NYS 529 (just google and you will find tons of info)
but we also have a childrens savings account set up and put all birthday/holiday money in there and throw in a few bucks whenever we can 
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| Posted 3/27/12 2:59 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: anyone open a bank account for baby?
We have a 529 (college savings) and regular savings.
We contribute to the 529 religiously...the savings account we put DDs birthday money, Christmas money, etc.
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| Posted 3/27/12 3:02 PM |
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mnmsoinlove
Mommy to 2 sweet girls!
Member since 3/09 8585 total posts
Name:
Melissa
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Re: anyone open a bank account for baby?
Posted by jacquig
We have a 529 (college savings) and regular savings.
We contribute to the 529 religiously...the savings account we put DDs birthday money, Christmas money, etc.
. We do the same. You do need a thousand to start the 529 just a heads up.
Message edited 3/27/2012 3:08:43 PM.
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| Posted 3/27/12 3:08 PM |
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hotsauce345
my love, my life, my son
Member since 1/09 4169 total posts
Name:
Melody
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Re: anyone open a bank account for baby?
I opened a regular savings account for DS with all his baptism money. I was planning to put all birthday money, plus the piggy bank we fill with loose change in there. but I think I have to look into this 529 now.
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| Posted 3/27/12 3:26 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: anyone open a bank account for baby?
Do the NY State 529, best thing! It's also tax deductible.
We have that and a savings account for DS.
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| Posted 3/27/12 3:42 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: anyone open a bank account for baby?
Posted by Mrs-D-Girl
Do the NY State 529, best thing! It's also tax deductible.
We have that and a savings account for DS.
Only a deduction on the state level last I heard.
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| Posted 3/27/12 3:44 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: anyone open a bank account for baby?
I opened a regular checking account for my DD when we christened her. We deposit birthday money and other cash gifts she gets in there. We also opened a 529 college account for her through NYS. I also have a upromise account and any money that is accumulated in there gets deposited to her 529 on a quarterly basis.
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| Posted 3/27/12 3:44 PM |
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jlk51496
Mom of 3 - YIKES! =)
Member since 10/09 6758 total posts
Name:
Katie
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Re: anyone open a bank account for baby?
We open a reg savings acct when we christened them and add all holiday and birthday money they get as gifts!
Wish we could do more and keep saying we are going to do a 529 and haven't yet!
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| Posted 3/27/12 3:46 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: anyone open a bank account for baby?
Posted by mnmsoinlove
Posted by jacquig
We have a 529 (college savings) and regular savings.
We contribute to the 529 religiously...the savings account we put DDs birthday money, Christmas money, etc.
. We do the same. You do need a thousand to start the 529 just a heads up.
Not through the NYS 529 plan. We opened one for our DD with $100. Technically, I think you can open it with as little as $25.
NYS 529
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| Posted 3/27/12 3:48 PM |
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LINewbie
Tigger the the Rescue!
Member since 8/08 5647 total posts
Name:
LB
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Re: anyone open a bank account for baby?
We only have a savings account - it is a youth account. Decided not to go for the 429 plan.
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| Posted 3/27/12 8:18 PM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: anyone open a bank account for baby?
We opted just for a regular savings account. DD gets 4% interest through BFCU. I didn't want to do a college savings plan because, as much as I hope she'll go to college, what happens if she doesn't?
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| Posted 3/27/12 8:44 PM |
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nycgirl
Angels!
Member since 3/09 7721 total posts
Name:
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Re: anyone open a bank account for baby?
I put a percentage of my paycheck into a separate bank account via direct deposit. It's not much... But OT adds up and he's not yet two.
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| Posted 3/27/12 9:20 PM |
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babyberry
LIF Adult
Member since 1/11 1477 total posts
Name:
Ang
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Re: anyone open a bank account for baby?
Posted by LINewbie
We only have a savings account - it is a youth account. Decided not to go for the 429 plan.
What's a youth account?
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| Posted 3/27/12 9:21 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: anyone open a bank account for baby?
Each of our sons has a 529, a regular savings account, and an investment account with Scottrade. We are doing what we can for them.
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| Posted 3/27/12 9:38 PM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: anyone open a bank account for baby?
Posted by JenMarie
We opted just for a regular savings account. DD gets 4% interest through BFCU. I didn't want to do a college savings plan because, as much as I hope she'll go to college, what happens if she doesn't?
We opened a youth savings account at BFCU also but the 4% is only on the first $1,000. I'm sure that's to prevent parents from keeping their savings in the account too. I just made an appointment to speak to someone about the 529 plans to fully understand the program before enrolling.
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| Posted 3/27/12 10:43 PM |
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Momma2Be
Mommy of an angel
Member since 10/09 5911 total posts
Name:
Dina
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Re: anyone open a bank account for baby?
Posted by jacquig
We have a 529 (college savings) and regular savings.
We contribute to the 529 religiously...the savings account we put DDs birthday money, Christmas money, etc.
We did/do the same. DH has a portion of his paycheck get deposited into DS's 529 account every pay period.
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| Posted 3/27/12 11:04 PM |
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babyberry
LIF Adult
Member since 1/11 1477 total posts
Name:
Ang
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Re: anyone open a bank account for baby?
bump for edited questions
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| Posted 3/27/12 11:52 PM |
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jax1
Love my baby girl!!!
Member since 3/09 3405 total posts
Name:
Jackie
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Re: anyone open a bank account for baby?
I opened a youth account for her at Bethpage Federal Credit. 4% for first 1000 and 1% for rest. Highest that I have seen.
I need to look more into 529
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| Posted 3/28/12 12:38 AM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: anyone open a bank account for baby?
We opened a 529 (which I think only needs $25 to open in NYS) which is contributed to on a monthly basis. I also opened a UTMA account for him with Fidelity (which is similar to the 529 but does not have to be used solely for education) and he has an investment account through ING.
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| Posted 3/28/12 7:43 AM |
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luvmyReese
Hello Kitty
Member since 1/08 7542 total posts
Name:
Catt
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Re: anyone open a bank account for baby?
Posted by JenMarie
We opted just for a regular savings account. DD gets 4% interest through BFCU. I didn't want to do a college savings plan because, as much as I hope she'll go to college, what happens if she doesn't?
I did this. I also read it would be harder for your child to qualify for financial aid if they have a chunk of college $. So we invest in different ways (CD's, Savings.Bonds).
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| Posted 3/28/12 8:20 AM |
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BeachMom
Love my 4 kiddos!
Member since 11/08 8346 total posts
Name:
Kristie
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Re: anyone open a bank account for baby?
Posted by Hofstra26
Posted by mnmsoinlove
Posted by jacquig
We have a 529 (college savings) and regular savings.
We contribute to the 529 religiously...the savings account we put DDs birthday money, Christmas money, etc.
. We do the same. You do need a thousand to start the 529 just a heads up.
Not through the NYS 529 plan. We opened one for our DD with $100. Technically, I think you can open it with as little as $25.
NYS 529
Yeah we opened up ours with i think like $50 each child.
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| Posted 3/28/12 9:45 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: anyone open a bank account for baby?
We just opened up a regular savings acct for DS when he was born. All money he receives goes into that account - including the $5 Gamma & Papa put in his Halloween card
I'm very interested in the NYS529 & will certainly be looking into it.
Thanks for sharing everyone!
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| Posted 3/28/12 9:58 AM |
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babylove628
mommy of two!
Member since 11/09 2733 total posts
Name:
Maggie
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Re: anyone open a bank account for baby?
We opened up a regular savings account for DS, we actually put it under our names in trust for DS -- we put every single dollar anyone ever gives us in there, hopefully by college time he'll have a nice chunk in there.
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| Posted 3/28/12 10:20 AM |
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teachermom
LIF Adolescent
Member since 8/11 843 total posts
Name:
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Re: anyone open a bank account for baby?
We set up a saving account through e-trade. Half of her Baptism money is invested. If you open a 529 you can only use the money for college. If your LO doesn't go to college you are taxed and penalized. This accounts allows us to use the money for her private school tuition, college and really anything that directly benefits her.
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| Posted 3/28/12 2:04 PM |
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