Savings for baby?

Question

What are you moms doing when you baby gets gift money? Did you open a saving account in the baby's name? Do you have guidelines of when the child can have access to the fund? Just put it in your saving account for the time being? Piggy bank? Love to hear!!

Answer

I've put it all in a savings account for my son and I add a little every month. I want to give him all of the money we've managed to save on his 18th birthday so he has a large sum to go towards things like a car or travel funds whatever he wants to spend it on 😊

Answer

Savings account is a good idea. We just bought diapers :-/ but we haven't received large amounts

Answer

We opened a savings account for our son that he'll get access to when he's 18.

Answer

My father and FIL have opened savings accounts for both our kids for when they either go to college or turn 21. So we don't get money from people for them its actually easier this way.

Answer

We are opening a savings account for minors for our son. But we only received one cash gift for him. It just helped give him a start. When he's a teenager he can get access to it, full access at 18. It's connected to our account so we can transfer money whenever we want.

Answer

We opened an RESP for our daughter

Answer

Savings account for minors, they can access after age 18 on their own

Answer

Savings account