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  • Best Savings Account for a Newborn? – Smart Money Moves to Consider for Your Infant

Best Savings Account for a Newborn? – Smart Money Moves to Consider for Your Infant

April 18, 2025 | By Nichole Coyle
Image of a butler bringing top shelf bottle to a newborn because they are rolling in savings. Their parents took good advice on the best savings accounts for newborns.

Welcoming a new baby into the world comes with a lot of emotions—joy, excitement, and, let’s be honest, a little bit of financial anxiety. Fortunately, guest blogger and CERTIFIED FINANCIAL PLANNER™, Nichole Coyle, joins us to shed some light on how best lay the groundwork for your child’s financial future:

Diapers and daycare costs add up fast, but as a financial planner, I like to remind parents that the best time to start investing in your child’s future is today.

Whether you’re a first-time parent or adding another tiny human to the family, here are a few key accounts to consider opening for your infant.

 

529 College Savings Plan – Best Savings Account for a Newborn for Future Education Fund

College tuition isn’t getting any less expensive, and while your little one may not even be in preschool yet, they’ll be headed off to college before you know it. A 529 plan allows you to invest money for education expenses in a tax-advantaged way. It offers features that can make it an attractive savings account for a newborn.

Why open one early?

  • Contributions grow, and can be used, tax-free (when applied to qualified education expenses).
  • Many states (including Ohio!) offer tax deductions or credits for contributions. Check with your financial or tax advisor for specific conditions and limitations.
  • The earlier you start, the more time compound growth has to work its magic.

Even if your child doesn’t go to college, the funds can be used for K-12 tuition, vocational schools, or even transferred to another family member. Additionally, up to $35,000 can be rolled over into a Roth IRA.

 

Custodial Brokerage Account (UGMA/UTMA) – Invest in Their Future

A UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act) account allows you to invest money on behalf of your child. The money legally becomes theirs when they reach adulthood – 18 or 21, depending on the state – in Ohio, UGMA is 18, and UTMA is 21. Additionally, when the account is established, Ohio permits extending custodianship to the age of 25.

Why open an UGMA/UTMA?

  • Provides more flexibility than a 529 plan (can be used for anything, not just education).
  • Provides parents and other adults with a tax-advantaged way to pass on gifts to minors without needing to create a formal trust.
  • Any income earned on the contributed funds is taxed at the tax rate of the minor who is being gifted the funds. Since the minor’s income is presumably significantly lower than that of the adult donor, this can lead to significant tax savings
  • Gives your child a head start in wealth-building.
  • Can be a great way to introduce financial literacy when they’re older.

Keep in mind that this money legally belongs to your child once they reach adulthood—whether they use it for a backpacking trip or college is entirely up to them.

 

High-Yield Accounts – The Best Savings Account for a Newborn

Even babies get birthday money, and rather than letting it sit in a drawer, why not open a high-yield savings account? Think of this as the first piggy bank (with the benefit of earned interest). This is a great place for gift money from grandparents and a way to instill good saving habits early on.

Perks of a high-yield savings account:

  • Earns more interest than a traditional savings account.
  • Keeps funds safe and accessible for short-term needs.
  • Teaches kids about savings as they grow.

Look for an account with no fees and a good interest rate to maximize growth.

 

Roth IRA – The Ultimate Head Start

A Roth IRA for a baby? It might sound odd, but hear me out. If your child has any form of earned income—think baby modeling, acting gigs, or even a small side hustle when they get a little older—you can contribute to a custodial Roth IRA on their behalf. For those entrepreneurial types, this might be the best savings account for a newborn.

Why is this a game-changer?

  • Contributions grow tax-free and can be withdrawn tax-free in retirement.
  • The earlier they start, the more decades of compound interest they get.
  • They can withdraw contributions penalty-free for things like a first home or education expenses. Make sure you check with your advisor about possible tax implications if you are considering withdrawing earnings.

It’s a rare opportunity to be able to open this for an infant, but if your baby books a Gerber commercial, you might want to think about it! And it’s a good thing to keep in mind as your little one gets older and starts their first job.

 

Health Savings Account (HSA) – If You Have a High-Deductible Health Plan

While an HSA is technically for you, not your baby, it’s an excellent tool for covering medical expenses as they grow. Contributions are tax-deductible, grow tax-free, and can be withdrawn tax-free for medical expenses. Plus, unused funds roll over indefinitely.

If you’re planning for long-term financial health, an HSA can be a great way to cover childhood medical costs while saving for the future.

 

The Best Savings Account for a Newborn – Start Early, Benefit Later

Opening financial accounts for your baby isn’t just about securing their future—it’s about giving them options. Whether it’s funding their education, helping them buy a first home, or setting them up for retirement before they even know what a 401(k) is, these accounts lay the foundation for lifelong financial security.

Not sure where to start? A financial planner (like me!) can help you customize a strategy based on your family’s goals. Because let’s face it—your little one may be tiny now, but their future is big!

Nichole Coyle, CFP®, CSLP®

Managing Partner, Financial Planner

2300 St. Clair Ave NE

Cleveland, OH 44114

216.621.4644 x1607 office

330.607.2213 cell

nichole@impactcfp.com

 

Securities and advisory services offered through Cetera Advisor Networks LLC, member FINRA/SIPC, a Broker-Dealer, and a Registered Investment Advisor.

Cetera is not affiliated with the financial institution where investment services are offered or any other named entity.

Investments are: Not FDIC/NCUSIF insured * May lose value * Not financial institution guaranteed * Not a deposit * Not insured by a federal government agency.

 

All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful. Investors should consider the investment objectives, risks, charges and expenses associated with municipal fund securities before investing. This information is found in the issuer’s official statement and should be read carefully before investing.

Investors should also consider whether the investor’s or beneficiary’s home state offers any state tax or other benefits available only from that state’s 529 Plan. Any state-based benefit should be one of many appropriately weighted factors in making an investment decision. The investor should consult their financial or tax advisor before investing in any state’s 529 Plan.

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Bill Deighton

Bill has over 40 years of experience in credit unions and previously served as Chair of the Board of Directors for 30 years. Bill is a retired Captain of the Cleveland Fire Department. Along with his credit union experience, he has served for 16 years on the Ohio Police and Fire Pension Fund Board. He believes that credit unions are powered by providing the best customer service to members. Bill volunteers at St. Ambrose Parish and the Fire Museum renovation. Bill and his wife live in Brunswick and have two grown children.

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Anthony Missig

Tony is honored to have been the current Board Director since 1999. He has been a credit union member of Cleveland Fire Fighter since 1988. Tony graduated with a BA degree in Business from Hiram College and an MBA from Baldwin Wallace College. He is currently an Assistant Chief with the Cleveland Fire Department.

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Ben Laurendeau

Ben Laurendeau has been employed in the credit union industry since 1987 in a variety of positions. Ben has held the position of President/CEO with Firefighters Community Credit Union since January of 2005. Ben holds an Associate Degree in Accounting from Terra Community College, A Bachelor Degree in Accounting from Tiffin University and a Master of Business Administration Degree from Baldwin Wallace University. Ben serves as a Director on the Ohio Credit Union League Services Corporation Board and serves on the Ohio Credit Union League Audit Committee.

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Gary D. Arbeznik

Gary is a lifelong resident of Greater Cleveland and has been a member of the Board of Directors since 2018. Many of his family members have served in the Cleveland Fire department and are long-time members of FFCCU. Gary holds a BA from Columbia College and a JD g from Cleveland State University. He has worked for both Cuyahoga County and the US Attorney’s office in Cleveland during his legal career. Now retired, Gary and his wife live in Lakewood.

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Barbara McCullough

Barb is a current Board Director of FFCCU and a fully vested member. She has an MBA in Finance and has spent 25 years teaching to all walks of life. Barb is a volunteer with the Foundation for Geauga Parks, Ohio Department of Natural Resources, Lorain County Spirit of America, and Girl Scouts of Northeast Ohio. Barb is a lifelong resident of the Cleveland area. She and her husband have one daughter.

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Alyssa Garcia Evanoff

Alyssa Garcia Evanoff joined Firefighters Community Credit Union as the Chief Marketing Officer in February 2019. Alyssa has nearly two decades of experience in brand management and strategic marketing with a variety of organizations across the Greater Cleveland area. During her career, she has developed successful marketing and creative campaigns that have repositioned brand image and increased brand loyalty through emerging digital trends, content marketing and user experience strategy. Alyssa is a graduate of Miami University and sits on the board of the Cleveland chapter of the American Advertising Federation.

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Jessica Bittner

Jessica Bittner joined FFCCU as a teller in 2009. In 2012 she was promoted to branch manager, and has managed multiple branches throughout the credit union. Jessica holds a Bachelors in Human Resource Management & Business Management, with a minor in accounting from Baldwin Wallace University. She was promoted to COO in 2021.

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Kathleen Riggs

Kathleen Riggs joined FFCCU as Chief Retail Officer in 2013. Kathy has been in the financial services industry for over 25 years, holding a variety of positions. Kathleen received her bachelors degree in psychology from Kent State University and is a certified trainer of CUNA’s Creating Member Loyalty program.

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Paul Humphrey

Paul Humphrey was born and raised in Northeast Ohio. He joined FFCCU in 2017 as the Chief Lending Officer. Paul is a graduate of Kent State University. He holds the designation of Certified Credit Union Financial Counselor (CCUFC) from CUNA. Paul has managed lending programs in both small and large credit unions and brings that unique perspective to serve the members of FFCCU.

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John Carrick

John Carrick is the Chief Financial Officer of Firefighters Community Credit Union in Cleveland, Ohio. John was hired by Greater Cleveland Firefighters Credit Union (former name of Firefighters Community Credit Union) as an Accounting Assistant in February 1993, was promoted to acting CFO in 1995, and was awarded the position of CFO in 1996. John has assisted in the acquisition of multiple mergers for Firefighters Community Credit Union and has managed two different Merging Credit Unions during the merger process. John is a former member of the Audit Committee of the Cleveland Chapter of the Ohio Credit Union League. John holds a Bachelor of Business Administration degree from Cleveland State University.

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Dennis Corrigan

Dennis has been a member of the Board of Directors since 2017. He is invested in forming bonds between the Credit Union and the community and helping members improve their economic situations. He has a strong desire to have a voice in the decision-making process of an institution that he was raised with and believes in. Dennis has been a part of the Cleveland Fire Department for 25 years and is currently a Captain. Dennis and his wife live in the Cleveland area with their three children.

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Damian Borkowski

Damian has served on the Board of Directors for over 10 years. He has been the Citywide Service Manager for the City of Cleveland since 1983 and manages the demolition of houses and buildings. He holds degrees in Law and Engineering and is a member of the Ohio Bar. Damian lives with his wife in the Cleveland area. He has been a credit union member for 30 years.

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Rich Bowman

Rich serves as the Chair of the Board of Directors and has been a board member since 2009. He has been a Cleveland Firefighter since 1989 and is presently a Battalion Chief serving the city’s lower west side. Rich is a founding member and Treasurer of the Firefighters Memorial Ride. Since their inception in 2004, they have donated over $250,000 to the families of fallen Fire, Police, and EMS workers. He has a bachelor’s degree in Business Administration with a minor in Finance from Cleveland State University.

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James E. Polk

James is the Vice-Chair of the Board of Directors and has served on the Board since 1982. He has also held the position of Secretary. Jim is a retired Cleveland Firefighter after 30 years of service. He is the past treasurer of Fire Fighters Local 93 and served on the Union Executive Board for 18 years. Jim is also a former Worker’s Compensation Representative for Local 93 and the NOFF.

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Bryan Gallagher

Bryan has served on the FFCCU Board of Directors since 2006 and looks forward to continuing to help the credit union move forward and provide quality services to members. Born and raised in Cleveland, Bryan and his wife live in Lakewood and have three grown children. He holds a degree in Communications from Cleveland State University and spent 40-years as a cameraman for the MLB and NBA. After 33 years, he retired as a Captain from the Cleveland Fire Department. He is a former Sergeant at Arms for Local 93 IAFF and was Secretary for the Firefighters Memorial.

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Robert Schwind

Bob is a lifelong Cleveland resident and has been a member of FFCCU since 1993. He has served on the FFCCU board since 2019. Bob is a graduate of Cleveland State University and has served as a Cleveland firefighter for the past 28 years, becoming a lieutenant in 2002. He and his wife live in Cleveland and have two grown daughters.

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James Andrews, Jr.

Jim has been a credit union member for over 40 years and has served on the Board of Directors since 2012. He has been a Cleveland Firefighter for 29 years, currently stationed at Engine Company 13. James has served on the Cleveland Firefighters Relief Fund board and was a former Union Steward and Committee Member for Firefighters Local 93. He and his wife have three children.

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