<prompt> Human: Pretty much everything was said in the title except the amount. My father gave us 300.00 for my one year old son so we could start him an account that family members can send money to. My father would like it to be used as a sort of college fund or investment for his future. However we do it, it needs to be set as such so any person can add funds to it. Various other family members have mentioned they would be interested in depositing a bit around the holidays as an extra gift.I was originally thinking a regular savings account and maybe invest somewhere once it grows a little, but I dont know, and that is why I am here :Thanks. thanks a lot everyone. It looks like I will look into the 529 plan. I am fairly certain his grandfather wants it to go for schooling.  <response>: Your father is definitely describing a 529 plan. 