What type of savings accts do you have for DC?

We are going to open a 529 account but should we also open a regular savings account? Not sure what the best thing to do is.

Re: What type of savings accts do you have for DC?

Right now we only have a saving account for DD, but we are going to open a 529 also. I'm going to keep her savings account, so I would say yes, have them both.

Re: What type of savings accts do you have for DC?

With the way the market is now, we just have a savings account since that cant lose money. The 529 can go up and down. I know my sister lost ALOT of money in my nieces over the last year

Re: What type of savings accts do you have for DC?

Right now I only have an UGMA account (I think that's what it's called) - this is an account for a minor. Anyone can deposit but only I can withdraw.

Re: What type of savings accts do you have for DC?

Re: What type of savings accts do you have for DC?

we have a custodial account. we thought about a 529 but with the way the market is right now we are going to wait.

we will prob invest in some t bills at some point

Re: What type of savings accts do you have for DC?

Re: What type of savings accts do you have for DC?

We have a savings account and we opened up a CD with the money we got from her Baptism.

We will eventually look into the 529 account...

Re: What type of savings accts do you have for DC?

We have a CD and a small savings acct. Not sure we will open a 529, even after the market gets better. From what I can gather (and I've had different answers from different people to the same question), we would have to pay taxes and a penalty I believe if he does not go to college. But check this out--I still want to ask a couple more people.

Re: What type of savings accts do you have for DC?

dh has dd is a bunch of different things..
We have a upromise account for her, some cds she had gotten for her christing, a 529 and a childs savings account(minors get a higher interest rate)

Re: What type of savings accts do you have for DC?

See if you can ask a financial planner. My DH told me the other day that he heard that we should not open a savings acct in the baby's name because it could actually jeapordize financial aid in the future, or something like that. So we have a savings acct that we designated as his savings acct (he's not born yet but we put some money in there and my dad actually gave me $50 for his acct last week!) but that is in our name. Citibank lets you nickname accts. I'll need to look into this more as he gets older.

529's can be iffy too. They aren't always as great as they are made to sound. Research this and find the 529 that gives you the best investment options, particularly one that lets you invest in solid funds like those from vanguard, etc. Even though the markets are currently way down from their hi's, its actually a great time to start investing for the long term. Historically, the S&P has had an 11% rate of return. Buying low is always best. You can look into something called a drip fund too where you are investing in good stocks that are pricey with the advantage being that you buy fractions of shares as you go along and build up your portfolio that way. Also look at stocks that pay dividends and then reinvest the dividends.

Re: What type of savings accts do you have for DC?

We opened up a Mutual Fund savings account for DS. Thanks to a dear friend we pay no broker's fees.

Re: What type of savings accts do you have for DC?

just a savings account right now.

Re: What type of savings accts do you have for DC?

We have regular savings accounts that have small amounts in them, and then rather than 529s we have money invested in the market for them.

Re: What type of savings accts do you have for DC?

I have a savings/checking acct. I will soon be opening an ING acct. since they have better interest.

Re: What type of savings accts do you have for DC?

She has a money market account that we opened a few weeks after she was born, and we started her 529 when i was preggo.

Re: What type of savings accts do you have for DC?

I opened a 529 a few weeks ago, its already up over 10%. Since it is in there for the long run I am not worried about the market going down. My dd also has her savings bonds.

Re: What type of savings accts do you have for DC?

We have a regular savings account for the children.

Re: What type of savings accts do you have for DC?

we have DS account in a regular savings, after his bday in sept everything will go into a CD. I personally do not believe in a 529 account, and DS name will never be on his account. this is money he won't know about until he is much older

I say this bc my friend used half her life savings when she was 20 to pay off her boyfriend at the time credit card debt w/ out her parents knowledge. I vowed DS will not know about this $ until he can use it wisely

Re: What type of savings accts do you have for DC?