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Start a 529
Thanks for reply - for more content we are not from us and don’t know if will be living here in future, back in our home country education is free.. would rather have something which is not usage determined /like only can be used dor education/…
Maybe try posting this in the Personal Investment Chatter bowl for recs from others. Definitely share that you may not be living in the US so aren't interested in a 529
Rising Star
UTMA/UGMA
Rising Star
UTMAs/UGMAs are essentially the same, just have slightly different mechanisms for when the amounts transfer to the child. And yes you’d choose where the money is invested, like a 529. You do not have to use the funds for qualified education expenses, though.
If you’re not sure about the future, open up a high-yield savings account in your child’s name and park the money in there.
My bank offers a child savings account which is like a joint account between you and the child until they’re 18, however, for some reason the interest on that is lower than on the regular savings account. It wouldn’t let me open a regular savings account in his name or open a joint account with a minor, so I just opened another high-yield savings account for myself and was able to give it an accountant nickname, which is my son’s name.
529
It's a baby, you can just grab the cash out of their hands and spend it at the club. They probably won't even open their eyes to see you do it