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<p>Each of my kids (ages 6 and 2) has a savings account into which I deposit money every month. The accounts are just plain savings accounts in their names, but the money is intended to pay for college. I just realized that at some point they'll be able to access that money themselves since it's in their name, and I don't want them spending their college savings on whatever. So I guess I need to change the type of account, right? Should I do a 529 or something instead? What do you guys have set up for your small kids? </p>
 

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<p>At the moment, just a plain savings account.  We've been looking into different options (things that will draw more interest mainly) but we haven't decided on anything yet.</p>
 

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Ds has a savings account in his name. He deposits money in<br>
it as well as dp and I. When he's older he can use the money for what he wants. We will encourage college, a car, down payment on a house, ect. But, ultimately, it's his money and we know he may not go to college.
 

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<br><br><div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>StephandOwen</strong> <a href="/community/forum/thread/1284083/s-o-bank-account-for-kids#post_16099802"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a><br><br>
Ds has a savings account in his name. He deposits money in<br>
it as well as dp and I. When he's older he can use the money for what he wants. We will encourage college, a car, down payment on a house, ect. But, ultimately, it's his money and we know he may not go to college.</div>
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<p><br>
If my kids chose not to go to college we would still give them the money, but we'd want it to be used thoughtfully, not just frittered away on the whims of a teenager, you know? I'm fine with them using their savings account for birthday money and stuff and using that for whatever they want, but it just occurred to me that the money that DH and I are depositing monthly is really intended for their education (or other well thought out endeavor), so we should probably transfer it to some less accessible type of account. </p>
 

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<p>DS has multiple types of accounts--he has an account in a trust fund that can be accessed when he turns 25 years old (or before that if he petitions the court...they'll let him access it earlier for college tuition, a car, house down payment, or something else "big" like that.  It is regulated by the probate court since it is a trust fund set up from his share of the wrongful death lawsuit from his brother's death).  He also has a 529 account for college, a College Advantage account, and a regular savings account.  The regular savings account is his money to do what he wants with it, but his educational money has to be used for education....college, trade school, job training, whatever. </p>
<p> </p>
<p>The girls have regular savings accounts and College Advantage accounts. </p>
 
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