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- Kelly
Depending on their age, why not consider a UTMA brokerage account (which can be invested in any combination of investments, including HYSAs or Money Market).
AaronPretty much EVERY HYSA will devalue from inflation and taxes, long-term. It will end up being worth less than what you contribute.
JenniferMy husband opened an IRA and deposits money monthly to it. When we determine our grandkids are old enough to have the money (19, 21, 25…?), he will be of age to withdraw the funds.
DavidI wouldn’t put any of the money in a HYSA given their long time horizon. Should be much more aggressive with something with a technology focused (ex. XLF).
They’ll thank you later.
CassieI have Ally and really like it! You could also do a 529! Lots of positive things about a 529.
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