What do you do for your kids for savings accounts? I have a college saver account for my 11-year-old that I started when she was five. (Not a 529, due to my job I cannot use 529’s). The interest rate is crap but it gets $1000 bonus if she keeps it till she’s 18. Thinking about moving everything but a small balance to keep it active to another higher yield savings account. Any kid savings accounts you all like? Looking for recommendations on where to move her money (5 figure amount)

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What job would preclude using a 529?

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I know this will sound a bit morbid, but on top of a 529, I got my kids a whole life insurance policy. Got them when they were 6 months old. According to insurance firms, they will be as healthy as a 6 month old and will never have arbitrary rate increases. In the future they can use that as collateral.

Also planning on having them get jobs at 15 so I can star an IRA and pump the full amount so they won’t have to worry about retirement.

I only wish my parents did that for me…

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We have 3 sons and had a 529 account for each one. It was incredibly easy to get the funds when you need them which was nice but I get that’s not an option for you. Good luck

Not sure if you’re open to more “risky” options but we have a 529 but also a separate custodial account instead of a savings account for both kids. We keep the proceeds invested in two not super risky ETFs and both kids will receive the proceeds when they turn 21.

So conflicts of Interest preclude us from some state 529. We also don’t know that our kids want to pursue traditional education so we are looking for alternatives that will allow them to do things like have a home free and clear in their early 20s that they can rent out for income or live rent free as they figure out their path in life. We were considering a trust as well, but wanted to use a more traditional savings path right now.

UTMA/UGMA brokerage account, I use Schwab

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