I have a much better idea for you — a gift that will grow tax-free for college. Go to www.SavingforCollege.com to learn about 529 College Savings Plans.
And if you’re an Illinois resident, go to www.BrightStartSavings.com to open an Illinois 529 account. You’ll get a deduction on your state income taxes for up to $10,000 of contributions each year. And you can add to the account on birthdays or holiday gifts. Open the account in the name of the parent, for the child. If there are several children in the family, they can each use part of the account.