Have you set up a savings account/college fund for your LO? What type of account is it?
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Yep, right now she has an online savings account (because it gets a bit more interest) dedicated to her college fund. When we start having oodles in there (HAH!) we're going to put it in something else, but it works for now.
ETA: She also has a savings bond from my Dad
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Yes just a regular savings. Any checks he gets for birthday etc go in there and we make small deposits when we can.
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Yes. We set up an UTMA account at our bank after he was born. We put all birthday/holiday money that he receives in there. He also has a 529 plan set up by my dad. I think he puts money in quarterly or something. This kid has more money than me!
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Yes, an online savings account (we use ING that changed to CapitalOne360).
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Our kids have a local savings account for deposits and then every few months I withdrawal it and put it into their mutual funds
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At the moment, we only have a 529 plan for Xander.
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Yep. Savings acct and a 529.
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@matador84: Same here.
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Just opened a savings account yesterday.
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She has an online savings account!
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Just a regular savings account. We're not sure if we want to open a 529 yet.
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529 accounts and a regular account.
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Yep, we have a 529 plan.
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We opened a regular savings account when he was less than amonth old. We put any money we get for gifts in there.
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We set up a 529 college account. When she starts getting money (which, i think it'll be awhile), we'll open up a savings account.
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She has a savings account and then an investment account
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529 account.
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Yep, LO has a RESP (Registered Education Savings Plan). It's a good deal because the government matches 20% on the first $2500 each year which is a pretty hard interest rate to find anywhere else!
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We have a savings account but it only has $1600 in it so far (which I'm actually happy/ok with but I realize there are many on HB who would find that inadequate!)
Her grandma says she is funding college...we shall see about that! I think she opened a 529. At first I was uncomfortable with it but dh reminded me that it's in the best interest of our child. If it doesn't work out we will figure things out.
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She has a 529 and savings account.
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Not yet! Think we'll open one early next year, we're a little behind!
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They each have a 529 account.
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@googly-eyes: Hey, we've only got 1100$ in ours! It's a lot more than many people, so don't feel inadequate!
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Do any U.S. bees know what effects these various types of accounts (savings, 529, investment) will have on FAFSA and the types/amounts of aid they will be able to receive for college?
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She has a regular savings account and then a 529 with Schwab.
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529 - she has no need for money for a looooong time so any $$ we get for her goes in there. At some point, we'll open a regular savings account for her.
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We have a 529 and a regular savings account.
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@Sapphiresun: We opened up an RESP too, and have maxed out the contributions to get the government match. Our family is all about taking advantage of the matches!
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@MrsStar: Thank goodness I'm not the only one!
We have nothing! I have a notebook that keeps track of what he gets for birthday / new years / holidays. Someday we will open an account and put that money in there.
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We opened a 529 account for M a few months ago.
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Our future LO has a Schwab 529.
@MoonMoon: A 529 and/or ESA do NOT impact your child for FASFA reasons.
An UTMA and/or savings account in the child's name DOES impact your child for FASFA reasons.
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LO has a savings account and a 529.
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Yes just a regular savings account
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@Bookish: I guess I should have mentioned that its all bday/Xmas money too. We are putting our first deposit this month but for the next couple years it will be hard to save much in that account. After daycare is over a lot of funds will be freed up! But what you said is how I see it too... Lots of people are paycheck to paycheck so my one year old having that much in savings is a good start to me.
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@googly-eyes: I hear ya. We don't put much in a month at all, but after daycare is done I plan on throwing a huge chunk of it at it every month! At least we have one, right?!
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@BakerBee: thank you! That's really good to know, we're still trying to decide the best saving strategy for him.
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@Bookish: right!
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Our boys each have a savings account and a CD because we're still debating the 529. {Grandma also has accounts for them.}
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She has a 529 and an investment account. Though the investment account is technically in our name as I wasn't comfortable with the requirement of an UTMA account.
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43 comments