We would like to set up an account so family can put money into it for our lo instead of wasting money on gifts. What did you open and are you happy with it? Would you change anything?
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they currently just have regular old savings accounts right now. when they get money for birthdays and the holidays, we place the money there.
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We currently have a regular savings account and my inlaws also have one of their own they setup. It works fine for us as the moment because it's so easily accessible.
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I'm thinking of setting up a high yield online account like ING.
But will be keeping my eye on this thread!
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@regberadaisy: we did the ING account, too.
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I am planning to open an account for my LO but also cant decide what type.
@regberadaisy: I like the idea of a high yield savings account. Is everything done online with this ING account? -
We will set up a savings account for her for birthday, baptism, ect money and she won't be able to touch it until she's 18.
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Oh, this is a great idea! It's not something I had considered, but I think it would be a great idea to set up an ING savings account for our daughter.
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@Mrsbells: I believe so. I haven't looked too far into it yet.
@Andrea: how do you like it? -
@regberadaisy: @Mrsbells: It seems fine. It is linked to my regular account so I deposit money into mine first and then transfer it over to hers. Not sure if there is a better way but that's what I do! And yes, everything is online.
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We just have a regular ole savings account right now.
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LO has a 529 account for college, and a high yield savings account. We plan to split monetary gifts with a small amount going into her savings, and the bulk going into her college fund.
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11 comments