Savings bonds for grandchildren?

[cindycindy]

Not sure if this should be posted under Family Matters or Investments. We're new grandparents and would like to buy savings bonds or some other kind of investment for our granddaughter's Christmas, birthdays, etc. Apparently, there are no longer "bearer type" Series EE or I bonds. They must be bought online. What are the experiences of other SL grandparents? The amounts we're thinking of giving would be in the $75 to $100 per occasion. The parents don't seem to like the idea of a 457 account because the funds become the child's to do what they will when the child turns 18. (I don't picture my cherubic granddaughter blowing her savings in Vegas when she turns 18, but want to respect the parent's/my son's wishes.) The return on a Series EE bond seems low. I think the Series I bonds are better, but not sure. Any advice out there from other SL grandparents?;)

[Tradd]

Aren't there educational savings accounts that have to be used for educational expenses only? Different from the 457 account or is that the same thing?

[cindycindy]

Yes, I meant 529 accounts. We're in NYS.

[rodeosweetheart]

I did not like the limitations of the 529, and I felt the same way about my cherubic grandchildren, and I opened an UGMA custodial brokerage account for each child, and put money in there. When they are 21, it is indeed theirs to do with as they wish, but I am thinking it will probably be used towards grad school or house down payment someday.

[Williamsmith]

I buy silver.

[cindycindy]

Thanks all. I'm leaning towards giving a check and letting them decide. DS and DDIL are responsible. But boy do I miss those paper savings bonds :)

[Float On]

My kids have a ton of the paper savings bonds. It's kind of a pain now to go to our savings deposit box and pull out the ones that are fully matured....this is something we're going to have to keep doing every year for years to come.
My MIL invested $5000 at birth for each grandchild. It's so much easier to call the Edward Jones agent and transfer what they need for college bills.

[mschrisgo2]

My mother-in-law opened UGMA accounts with Charles Schwab for all three of my grandsons (her great grandsons). When she passed, I started adding to them twice a year for birthday and Christmas. The boys have nice sums now.