re: savings for grandchild

It depends what your goal is. Is it to just give them money or is there a reason for it? Examples include being a firm believer in private school, or college education, wanting to help buy their first house, etc. If you are just going to give them money a custodial account is easiest but you won't really make money off the principal and they get it at 18.

Do a trust if you have a decent chunk of assets. I did this recently and I was so relieved. To know that you have people (attorney, trustee, and financial manager) assigned to it in case of tragedy is such a weight off of the family's shoulders.

I would do a 529 as they can rollover to a retirement acct. if they don't go to college. It's better than just saving cash in a custodial acct plus it provides you a tax benefit.