<prompt> Human: We dont need the money for baby things; this is a long term collegeweddingcargeneral savings account for kid in question. Obvious choices are college savings plans, but are there other options out there? We would be contributing to this fund on a monthly basis. The ultimate goal would be to pay for a private college education, and hopefully then some.  <response>: Looks like youve already answered the question for yourself. If we are going with the final goal youve stated, which is money for education, then the 529 account is exactly what you need. Plus you can use the money to pay for certain education expenses like books.On the other hand if you want to save for things like wedding, car, and other expenses just for your child, your common brokerage account would be a good option. Assuming your child is not going to be rolling around in a jalopy in the next five years with his munchkin wife, you can consider some prudent long term investment that would payoff handsomely in 20 years. 