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Post being replied to

Question about savings accounts by Max Fischer

Do people still use these for their kids? At major banks, their savings will have lost value by the time they use it, with such low rates of return compared to inflation. I started a 529 with a roboadvisor for my daughter to stash people’s gifts for her, kicking the can down the road until she’s old enough to understand the concept of currency, then figuring out something else. Our emergency fund is in a money market account paying 1.85%, so I’m guessing we’ll do something like that rather than savings, for something for more liquid. I’m just surprised that the default still seems to be savings accounts.

FWIW We got our age x2 each month (25 years ago), and a quarter of that went to savings. Monetary gifts at holidays were split the same way. When we started working, I think something like that was imposed with paychecks until college started, too.