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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.)

Each has their own account at our credit union. They each have 529s set up with the state of VA as well.

@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.

They each have a savings account at our bank, and a 529 through our state.

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.

@regberadaisy: It will be a brokerage account in my son's name, administered by me (the custodian).

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.

Both of my kids have mutual funds in their name with me listed on it as well.

They also each have a savings account at my credit union.

Money goes in the savings acct and then every 6 months I take it out and put it in their mutual fund.

@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

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.

@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.

@LBee: hahaha I misread her question. I thought she asked if I live in Va.

LO is the beneficiary of the 529 we opened. We also have a CU children's account that is in hers and my name.

@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.

also in va and thinking about starting our kids' savings. will hang onto this!

No LOs yet, but my parents set up a savings account for each of us kids through a credit union.

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.

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)

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.

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.