https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Wed, 27 May 2026 05:59:35 +0000 https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2330668 Thu, 22 Oct 2015 16:48:05 +0000 Bluemasonjar 2330668@https://boards.hellobee.com/ <p>We opened a savings account in DS's name at our credit union. Both DH and I are listed on the account. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2330435 Thu, 22 Oct 2015 13:38:41 +0000 MaryM 2330435@https://boards.hellobee.com/ <p>No LOs yet, but my parents set up a savings account for each of us kids through a credit union. </p> <p>They were members though my dad's work, so that's where his paychecks were deposited. Each paycheck he gave us a small amount of money (like $10), but over time, it grew to be a decent amount of money. </p> <p>Each child had their own account, but both our names and my dad's were on the account (so he could easily deposit/transfer/etc)</p> <p>I think it was probably safer that this was in the days before online banking. To move money, either my parents had to call an 800 number to transfer it to their account and then give it to us...or once I was in college and near a branch, I could go in person to get money. </p> <p>We had access to it as kids, but my parents had to sort of approve what we wanted the money for. Once we were of age, it was up to us to do what we wanted with it. I kept the account until after my father passed away. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2330353 Thu, 22 Oct 2015 12:39:34 +0000 birdofafeather 2330353@https://boards.hellobee.com/ <p>Savings account at a CU DH used to use. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2330344 Thu, 22 Oct 2015 12:32:39 +0000 rosegold 2330344@https://boards.hellobee.com/ <p>also in va and thinking about starting our kids' savings. will hang onto this! </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2330308 Thu, 22 Oct 2015 12:11:05 +0000 hellobeeboston 2330308@https://boards.hellobee.com/ <p>Savings account and 529 account. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2330280 Thu, 22 Oct 2015 11:39:49 +0000 sunny 2330280@https://boards.hellobee.com/ <p>LO is the beneficiary of the 529 we opened. We also have a CU children's account that is in hers and my name. </p> <p>@regberadaisy: New York offers a Vanguard administrated plan which is fantastic. You can pick any state's plan (though some states will give you a tax incentive if you use their plan). My state has no tax incentive, so we actually chose the Vanguard New York plan since it is a low fee, index fund based plan which aligns with our investment philosophy. LO will be able to use the funds at any institution for IRS qualified higher educational expenses. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2330090 Thu, 22 Oct 2015 09:15:40 +0000 youboots 2330090@https://boards.hellobee.com/ <p>It is through a local bank. In both of our names. Online access. My Uncle and Grandma gave me checks for her and Ms grandparents send cash for holidays- I just pocket the cash and transfer the same amount from our account to hers. I will set up a college savings fund once we are ready to start contributing.</p> <p>My Mom is still listed on my credit union bank and statement since that was my college savings account they set up when I was a child. My senior year they gave me full access and a debit card/checkbook for it. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2330049 Thu, 22 Oct 2015 08:57:49 +0000 BandDmommy 2330049@https://boards.hellobee.com/ <p>@LBee: hahaha I misread her question. I thought she asked if I live in Va. :grin: </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2330027 Thu, 22 Oct 2015 08:49:23 +0000 looch 2330027@https://boards.hellobee.com/ <p>@Truth Bombs: yes, it's a great service, i have told so many people about it and a lot had no idea it existed! </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2330021 Thu, 22 Oct 2015 08:47:04 +0000 Truth Bombs 2330021@https://boards.hellobee.com/ <p>@looch: On your advice I signed up for the corporate legal benefit this year so I think I'm going to look further into trusts with one of those attorneys. I should know this stuff myself since passing the CFP, whoops. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2330004 Thu, 22 Oct 2015 08:42:30 +0000 looch 2330004@https://boards.hellobee.com/ <p>@Truth Bombs: yeah, you're right...which means I might do a separate trust, I haven't worked it out yet. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329979 Thu, 22 Oct 2015 08:34:20 +0000 Truth Bombs 2329979@https://boards.hellobee.com/ <p>@looch: You are a nicer mom than me. I won't do a custodial account because I'm not turning that shizzle over to her when she's 21 :silly: </p> <p>We have a 529 for our daughter in her name, and then we have a separate brokerage account that is earmarked for her, but legally in joint name between my husband and me. When lil' bro gets here, he'll get his own 529 account, but the brokerage account will just stay the same and be earmarked for both kids. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329966 Thu, 22 Oct 2015 08:28:52 +0000 Alivoo01 2329966@https://boards.hellobee.com/ <p>DS has a savings account at a commercial bank. I should really move it into an investment account. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329962 Thu, 22 Oct 2015 08:26:52 +0000 Mamaof2 2329962@https://boards.hellobee.com/ <p>Both of my kids have mutual funds in their name with me listed on it as well.</p> <p>They also each have a savings account at my credit union.</p> <p>Money goes in the savings acct and then every 6 months I take it out and put it in their mutual fund. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329961 Thu, 22 Oct 2015 08:26:48 +0000 LBee 2329961@https://boards.hellobee.com/ <p>@regberadaisy: NY has a plan with a tax deduction on the state return as well :happy: </p> <p>You don't have to live in VA to use the VA plan, but the state tax benefit isn't available for non-VA residents. The VA plan (American Funds) is one of the top plans. Historically Utah has had the best plan. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329958 Thu, 22 Oct 2015 08:26:15 +0000 looch 2329958@https://boards.hellobee.com/ <p>@regberadaisy: It will be a brokerage account in my son's name, administered by me (the custodian).</p> <p>I thought you can select a 529 from any state, you don't have to live in the state or attend college there. In some instances you do not get the tax benefits, but some plans have better investment choices than others. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329954 Thu, 22 Oct 2015 08:25:31 +0000 BandDmommy 2329954@https://boards.hellobee.com/ <p>@regberadaisy: Yes for the tax benefit :). LOL I thought you asked if I lived in VA :silly: </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329950 Thu, 22 Oct 2015 08:24:13 +0000 Cherrybee 2329950@https://boards.hellobee.com/ <p>She has a cash ISA with our Building Society. It's in her name but she only gets access when she's 16. When she's a bit older, I will open a transactional account with her so she can learn about saving up and then withdrawing money to buy things. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329944 Thu, 22 Oct 2015 08:22:07 +0000 regberadaisy 2329944@https://boards.hellobee.com/ <p>@BandDmommy: oh, neat! Do you have to live in VA?</p> <p>@looch: what's a custodial account? </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329942 Thu, 22 Oct 2015 08:21:41 +0000 mrsjyw 2329942@https://boards.hellobee.com/ <p>They each have a savings account at our bank, and a 529 through our state. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329940 Thu, 22 Oct 2015 08:20:18 +0000 mediagirl 2329940@https://boards.hellobee.com/ <p>She has a bank account so we can move funds there to put them into her 529. When she gets older, we will take her to the bank with us to open an account. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329936 Thu, 22 Oct 2015 08:17:58 +0000 BandDmommy 2329936@https://boards.hellobee.com/ <p>@regberadaisy: We only do VA because of the tax benefit, VA allows a deduction on your tax return if you invest in the VA 529 plan, they can go to school anywhere. My parents have a 529 for all the grandparents through USAA and we also have another 529 through Fidelity. DH is finance, I'm tax. :) </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329935 Thu, 22 Oct 2015 08:17:16 +0000 looch 2329935@https://boards.hellobee.com/ <p>I am going to set up my son's 529 by the end of this year, as well as a custodial account for him.</p> <p>A regular bank account doesn't make sense for him. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329927 Thu, 22 Oct 2015 08:13:58 +0000 regberadaisy 2329927@https://boards.hellobee.com/ <p>@BandDmommy: you're in finance right? How do 529s work if you move out of Va or they go to school out of state? </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329925 Thu, 22 Oct 2015 08:13:37 +0000 Bao 2329925@https://boards.hellobee.com/ <p>@regberadaisy: we do! </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329920 Thu, 22 Oct 2015 08:11:33 +0000 BandDmommy 2329920@https://boards.hellobee.com/ <p>Each has their own account at our credit union. They each have 529s set up with the state of VA as well. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329917 Thu, 22 Oct 2015 08:10:34 +0000 regberadaisy 2329917@https://boards.hellobee.com/ <p>@Bao: do you bank with the credit union as well? </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329913 Thu, 22 Oct 2015 08:07:58 +0000 LuLu Mom 2329913@https://boards.hellobee.com/ <p>Each has their own in their name at our bank. It is tied to our account so usually I just deposit birthday money in our account and transfer over online. We plan to start putting money toward it monthly, to be used for a car, wedding, special school expenses, ect. (we have a separate college fund already that our parents contribute to pretty significantly so we have not started to yet.) </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329906 Thu, 22 Oct 2015 08:05:20 +0000 Bao 2329906@https://boards.hellobee.com/ <p>Each LO has their own and it's at our local credit union in their name. </p> https://boards.hellobee.com/topic/if-you-have-a-savings-account-for-your-lo#post-2329896 Thu, 22 Oct 2015 07:59:47 +0000 regberadaisy 2329896@https://boards.hellobee.com/ <p>Whom is it with? Your bank, credit union, college savings account? Online only? Is it in your name or LOs?</p> <p>Up till now we've been using cash gifts towards stuff for them, like clothes, new toys, etc. but I would like to start putting it away for them.</p> <p>Does each child have their own, if you have more than one child? </p>