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anyone open a bank account for baby?
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gabbie83
2 girls <3
Member since 6/08 3037 total posts
Name:
gabbie
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Re: anyone open a bank account for baby?
we have a savings acct for DD.
as far as a college fund...
nope i figured we spend about 12k on daycare anyway now - so we should be fine when shes 18!
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Posted 3/28/12 2:18 PM  |
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lvdolphins
My Loves!
Member since 5/05 46292 total posts
Name:
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Re: anyone open a bank account for baby?
We have 529s for both children.
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| Posted 3/28/12 3:40 PM |
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MissingLI
Such a Big Boy!
Member since 1/06 1602 total posts
Name:
C
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Re: anyone open a bank account for baby?
We looked into the 529 but had the same issue and questions as some other posters brought up: what if DC doesn't go to college, what if DC has scholorships, etc.
We opened a custodial account instead. The funds get invested the same as a 529 but the account is in my name and we can turn the account over to him once he turns 18. If we are getting closer and it looks like DS is going to go to college, we can switch the account to a 529 without issue.
We do not plan on telling DS about this account though.
As for investing in it, we have automatic withdrawals put in from our accounts every other week and then I will add any birthday/holiday money that he gets as well.
We found out about this option through our banks financial advisor. Just something to look into.
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| Posted 3/28/12 3:56 PM |
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| Pages: 1 [2] |
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