Do you have a savings account for your child

Question

My boyfriends daughter is going to be starting kindergarten soon. I think now would be a good time to start putting money away if she wants to go to college, or to have in the future for a down payment for a house ect. 
What are good savings accounts for kids? 
Are you able to do a checking and saving for them?
If you do put money away for your child about how much roughly do you put away each month?

Answer

We have a 529 account for my daughter, which is to help save money for higher education.

Answer

Yes. As soon as I received their social security numbers we opened accounts for our kids. I do automatic deposit of 30.00 and my Mother does deposit of 50.00 every two weeks for three kids. Our 5 year old has 10,000 in his account already.

Answer

We auto deposit $25 into Leo’s account each week. He’s only 4.5 months old but we too will be putting it into a CD every $1000. 
Even if we don’t use a CD at the rate we are saving he will have $23,500 on his 18th birthday that he can either use to pay for college or we will hold onto it and continue putting money into it until he turns 25 and he can use it to put towards a house or however he chooses. 
My husband and I don’t plan on telling our kids they have that account until they graduate high school. 😬 If they want to buy a car or something they’ll have to do what we did and work at Taco Bell forever until they can afford to buy a beater car 😂

Answer

My daughter is only 4 1/2 months. We do $20 a week into a savings account. Once it’s to $1,000 we will put it on a cd and continue renewing the cds. She will get them when she’s 18.

Answer

We have one for our son. His money goes in.  Birthday money, Christmas money (some family give money instead of toys.  We don’t have a set amount that goes in.

Answer

I’m planning on making a savings for our baby

Answer

Absolutely!👍🏾 Savings are extremely important to us! Our daughter is 19 months and has had a savings account and a college savings account since I was 28 weeks pregnant. We started both accounts with $10,000 each. We deposit $200, my parents deposit $150, and my husband's parents deposit $100 into her college savings monthly. We deposit $150, my parents deposit $100, and my in-laws deposit $100 into her savings account monthly. I know people who only deposit $50 per month as long as you are adding something!👌🏾

Answer

Both my girls have a savings account my grandma started for them the moment they had Social Security cards. The only people who have access to it is my mom. My mom can choose either to let them withdrawal from it at 18 or wait till there 21. I love it we give what we can weather that be 5 dollars of 100 all that matters is something is going in there for them. My grandma started this the moment she got he first grandchild lol I think it's an amazing opportunity 😊

Answer

We started saving while I was pregnant. She has over $5000 she is 4. She gets $1000 every birthday from my SO that goes in it, if people give money for Christmas and birthday it goes in there too. The account has both mine and my SO signature in order to get money out (which we never will) and we are giving it to her when she is 18. We will be going soon to set up an account for our 3 month old. They can use it as they please, whether it be towards a car or a house or travelling the world or whatever

Answer

I have a 529 account (college savings account) for my daughter. You have to use it for education expenses but it's a pretty broad definition and if you don't use it all for one kid, it can be transferred to a family member without penalty. The earnings on the account aren't taxed and my state gives me a deduction for contribute I make. Worth looking into if you're thinking about education savings.
It's not just a general savings account though so we wouldn't be able to take money out for other purposes without a penalty.
I put $250 a month in.

Do you have a savings account for your child

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