Anyone open up a bank account/savings for their child? I want to do so for my son but not sure how…

If I remember correctly fro. Economics class. I think a CD would give you more interest than a savings account.

Can you maybe talk with a financial aid advisor or something?

We did a 529 college savings plan. My mom opened it up. They can gain more than a traditional savings, but I think anything at all is great especially if you can get family on board with contributing. Like my mom does $200 for Christmas and $100 for birthdays and then just gets them a small gift. My daughter doesn't need one more toy but that cash will come in handy when she is older.

We have 529’s for our kids. It’s a college fund

My kids all have greenlight debit cards.

this is the system our financial advisor set up for us:

we opened a trust in my name, and transferred our children’s savings into it. the trust will help keep the money in an interest earning account when it’s not invested or working for us in other ways, and set up so that it will be easily received by our kids if something happens to us, but won’t affect their financial standing otherwise. we’ve been moving money out in chunks to put into CD’s so we can get higher rates (our current rate is 2.4% for a 5yr CD with a $10,000 deposit). when the term is over the money will be moved back into the trust to be recycled out again to earn more money.

We just opened saving accounts for both kids. We transferred a dollar a day. We don’t even notice that it’s gone. Works really well for us.