<prompt> Human: I was thinking about what to get my sister for Eid, and one of the ideas I had was opening a college savings account for her recently born daughter 9 months and putting about 500 in it, and maybe with contributions from my parents and other siblings,Is there anything I should know before I start it?  <response>: Whatever you do, set things up in a way that does not allow your sister or her spouse to touch the funds.I gave my sister and her husband several thousand dollars to start college funds for their first three children. They spent it on frivolous crap, claiming that interest rates were too low for it to have mattered by the time the kids graduated from high school. 