College savings for children?
By webmom75
@webmom75 (33)
United States
May 30, 2008 10:12pm CST
I have a big dilemma, recently. I have started to save money for my daughter since she was born. For the beginning we opened an account in a bank. I was convince till now to put them away in 529 college savings plan. Then my friend told me that I won't get any financial aid if I have savings for a college. Another option ,I was thinking of, is to invest in stocks (market)on my name, but now since the market is so bad, I am afraid to go this way.I do not know what to do really now.What is the best option as of now?
1 response
@kassdaw (591)
• United States
31 May 08
Have you thought about opening an account in her name. Just a regular savings account. As long as you bank at the same bank the account is at you should be fine. Most banks even offer special accounts for minors. We opened a savings account for our son when he was born too. We add a little bit each month. He loves going to the bank he is now even handing the money to the tellers.
@webmom75 (33)
• United States
1 Jun 08
The only thing with a bank is that the interest is very low, so keeping it for a long time won't be very effective. The second thing, with opening an account for her is that when she'll reach her 18th, she may use the savings for something else (as she will be the owner) I would not want to. Do the banks offer something to secure this savings?Thanks
