r/FinancialPlanning • u/quiethunting • 1d ago

Saving Account for 1 year old

Looking for an account that is easy access but will also grow safely. I already have a college account so nothing like that! Just something I can give them when I see fit

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u/aBloopAndaBlast33 1d ago

Be a college account you mean a 529?

If you want regular access, a HYSA is simple. Although the return will be worse and worse over the next few years.

If you only want to take money out for large purchases like a car, etc, then open a brokerage account and look into index funds like VOO, etc.

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u/xiongchiamiov 1d ago

If it's "when you see fit", it'll need to be under your name and then transferred to them. Possibly a trust, I'm not knowledgeable here.

A UTMA account is more standard but automatically shifts to them probably when they're eighteen.