I have two sets of very doting grandparents with the first grandchild in the family, and as such, they are being fairly generous already (Not even a year old yet) with giving money and other items.
One set of grandparents has already set up a 529 account that I am also making contributions to, so while I can deposit money into that, I don't know that I want to necessarily lock every dollar he gets into that format.
Got a check today (Not sure of amount, but my mother said to "open and deposit right away" as they are nervous about the size of it and waiting 3 weeks to his birthday to open), so I imagine it's of a decent size.
I already have a social security card for him, so opening any kind of an account is an option. I would hope that he would use it sensibly, but if he wants to blow it on wheels and wild women, that's ok too. I would just like it to accrue as much as possible between now and then, so I'd like to find out if I should invest it, open a CD, or explore other options?