Back in the day (early '80s), my parents took it and I never saw it again. They did pay for my college education so I suppose it went toward that (and I do greatly appreciate it). I don't think it ever went into a dedicated account, though.

Due to Covid and no party, it was a really small amount (I think $500 or so?) Ds just kept it to do what he pleased with it.

MY DH put it in a CD. He gets a small chunk each year and then all of it at 16 which will help him pay for gas and food money when he is out more on his own.

It wasn't as much as those who claim a Bar/Bat Mitzvah is a money grab claim - and ours had 150 people. We let each kid purchase a big item they wanted, and put the rest in their 529s. It wasn't a huge amount, a couple of thousand dollars each.

DH used part of it for a bass guitar and amps. He did bnd gigs and studio work in LA that paid for a lot of college.

It's sitting in a money market for my kids. As they earn money via W2 jobs, I tranfer that amount into their Roth IRA.

It's how I paid for part of college.

For those with kids who received money for their b'nai mitzvah and kept it in the bank, what did the kids eventually do with the money?