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This answer is from i want to open a savings account for my grand daughter and deposit money every month for her future is the interest she earns taxible

Expert Partner

4 months ago

Everyone who answered assumed that you want to save money for her education. Is that the goal, or are you wanting to save money so that she can purchase a home, a car, or pay for a wedding someday?

If so, a 529 account would not be a good choice since those accounts are intended for college costs.

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