OT Educational Savings Accounts

[Jeremy]

Being the first granddaugher on either side of the family, my niece is getting showered with toys, and instead of getting her more toys, I would rather set up an Educational Savings Account for her.  Does anyone have experience and perhaps be able to recommend a brokerage firm or company to go with that has low account fees?

[Danville]

Being the first granddaugher on either side of the family, my niece is getting showered with toys, and instead of getting her more toys, I would rather set up an Educational Savings Account for her.  Does anyone have experience and perhaps be able to recommend a brokerage firm or company to go with that has low account fees?

Have dealt with H.D. Vest for many years and found them to be a safe reliable andfairly conservative ..............ooops sorry, that might be condidered "political".

[LVGaryD]

I had one for Ryan through MGM Grand with MFS. They were really good. 

[careless hal]

I tried to do something like that with one of my godsons.  Problem was his parents did not rush out and get him a social security number. No number, no way you can open an account in the child's name.

[Just Saying]

I know some people who bought into the state -run program in IL. The premise is: Pay upfront at today's tuition rate and when the youngun is big enough for college all is covered. WAHL... some of the money was used for other things and now the state says they may not be able to pay off.

I think education funds are a great idea, but stay away from govt run programs. (if that's too political, get over it)

[Jeremy]

I think education funds are a great idea, but stay away from govt run programs. (if that's too political, get over it)

??

[brownjug1]

Being the first granddaugher on either side of the family, my niece is getting showered with toys, and instead of getting her more toys, I would rather set up an Educational Savings Account for her.  Does anyone have experience and perhaps be able to recommend a brokerage firm or company to go with that has low account fees?

I have experience with ESA accounts, I can however tell you Hollys grandmother never bought toys or games for christmas. She bought all the kids savings bonds and I can tell you it is by far the best gift that our kids have received, they are all locked away in the bank and will come in much more handy than an ipod or xbox game.

[mo doc n]

Being the first granddaugher on either side of the family, my niece is getting showered with toys, and instead of getting her more toys, I would rather set up an Educational Savings Account for her.  Does anyone have experience and perhaps be able to recommend a brokerage firm or company to go with that has low account fees?

Stick with Bonds , If they don't go to college they can buy a (used) car

[Yeah Baby]

I did some research when my daughter was born 5 years ago..

I chose the NY529 plan..  Tax benefit, etc etc, if she doesnt go to college (she doesnt have to go to NY college)  it can be used however but of course it would be taxed then. Vanguard manages it with 16 fund options at 0.25%.  We put all her communion money and any money gifts deposited. They have easy monthly deposits from your checkings account. I looked at Ohio and they have a similar one.

https://uii.nysaves.s.upromise.com/content/home.html
 

[Jeremy]

thanks gentlemen