Saving For College Accounts
May 24th, 2009
Question: what is the best account to open for my 7 month old son’s college account, we have 2,000 in a savings account?
for him already, but it isn’t gaining that much interest, i’ve heard of a 529 i’m not sure exactly what it is, but i’ve heard people mention it before, should we open one, or just get a high end savings account, also what is a 529, thank you i’m clueless about this stuff to say the least, but i want to start saving for his college fund now, while he is small, thank you in advance for any advice, tips and help, also if there is something better than a 529 for college funds, thank you, have a great weekend
Answer: A 529 is specifically for college savings. Depending on where you live, your state may offer extra incentives for opening one, but you should do so anyway: there might be other options that offer higher returns, but they’re not going to be as reliable.
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