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[quote=Anonymous]If you are planning to use it for college then definitely do a 529. You need to think about an overall college savings plan longer term - matching birthday gifts won't add up to much in college savings. And there are definitely tax advantages to the 529s (not just the state tax deduction, but the fact that earnings are tax free upon withdrawal if you use it for college - we are learning the hard way the downside of having kept some money in UGMA accounts). We have fully funded 529s which we fund, and then separate accounts for the kids that they deposit their birthday money or other gifts in that is theirs to use (with supervision). The dollars are small enough in those accounts that we didn't worry about the return on investment.[/quote]
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