Should a baby have a college savings account?

With a healthy college fund, your child won’t need to be dependent on financial aid, nor will they be forced to take out crippling student loans. There are a number of different types of college savings accounts for your baby, including 529 plans, Coverdell ESAs, Roth IRAs, and traditional savings accounts.

Should you give a baby a 529 college savings plan?

To give a child the gift of , the earlier you start, the better. There are two main savings tools that adults can use to save for the college education of a baby that they love. A 529 college savings plan is a tax-advantaged investment vehicle to help save for qualified education expenses.

How can adults save for college education of a baby?

There are two main savings tools that adults can use to save for the college education of a baby that they love. A 529 college savings plan is a tax-advantaged investment vehicle to help save for qualified education expenses. When you contribute to a 529 plan, your money grows tax-free.