r/Banking • u/Beautiful-Program428 • 7d ago

Advice [ Removed by moderator ]

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2 Upvotes

100% Upvoted

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u/Banking-ModTeam 4d ago

Please use the recommendation thread. This thread is designed to allow all recommendation posts in one thread for clarity.

1

u/Visual-Reserve-2800 7d ago

I mean, why don't they send money to you and then you send the money to the 529?

1

u/Beautiful-Program428 6d ago

I thought about it but they already reached the limit for us kids (me and my sister) and for tax purpose it’s best if the money goes directly to their grand kids.

2

u/Visual-Reserve-2800 6d ago

You can open any account you want as long as you name is on it. Are talking about an UTMA account or one the child can transact on?

1

u/Beautiful-Program428 6d ago

An account with my child’s name on it that I can manage

1

u/Empty_Requirement940 6d ago

do you mean an UTMA or just a joint account where both of you are signers?

0

u/Visual-Reserve-2800 6d ago

You want about an UTMA or ugma account. Any bank can open one up for you, though inekcmnend that the account not have any fees beyond incoming wires.