My husband's sister and her husband have struggled with their finances, so we decided this past Christmas that we're going to set aside money for our nephew instead of giving him traditional Christmas and Birthday gifts. He doesn't need anymore plastic crap.
We currently have about $600 for him sitting in an Ally savings account, but we'd like to put it somewhere that can grow a bit more. Our intention for the money is so he can put it towards a car, college, general savings, etc. It won't be a lot of money (probably $3k max), but every bit helps!
We don't want the money to be restricted to a singular use or time frame, but we also want to have some say on when he'll get the money and how he'll use it. For that reason, I don't think a 529 or Trust are good options.
Should we just put the money into a Betterment account, let it grow, and know that it's specifically for him? Is there another option that I'm not thinking of? I need advice!!