6 creative ways to give money as a gift

Money is a great gift. But, depending on who you’re giving it to, there may be a better way to do so than writing a check or slipping some cash in an envelope. Teenagers might enjoy the instant gratification of cash, for example, but their parents might prefer you give a gift that teaches those teens about saving. Here are some different options of how to give money as a gift at every age and stage.

Contributing money toward a child’s education is a great way to help plan for the future now, whether it’s for a newborn, niece, grandchild or someone outside of your family. Because they are tax-advantaged,1 Section 529 college savings plans are an efficient way to do so. These investment accounts can be used to pay for qualified educational expenses—such as college tuition, books or computers. To contribute to a 529 plan you’ll need the account number, and you should use the contribution form that can be downloaded from most plans’ websites. Keep in mind that since a 529 plan is an investment, there is a risk that your contribution could lose value.

Giving young children cash can help them learn about money and math as well as spending responsibly. Teaching children to manage and appreciate money early can create good habits that reward the recipient long past the initial gift.

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Unlike cash that a teenager may be tempted to spend immediately, options like CDs, savings bonds, checks or money sent to their account digitally through an app can help teens learn how to manage deposits and balance saving with spending. Zelle® allows you to quickly and easily send money directly to a teenager's bank account, providing they are eligible to enroll with Zelle at their financial institution. Zelle is available at hundreds of banks and credit unions in the U.S. (as well as in the Zelle app, which is available to consumers whose bank or credit union does not yet offer Zelle), and is always free to use at Bank of America.

For occasions like graduation, you might consider opening a certificate of deposit at a bank or purchasing a savings bond from the U.S. Department of the Treasury. While the graduate won’t be able to access the money right away, he or she will appreciate the extra savings down the road.

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Go digital, or give foreign currency to young adults
If you know the recipient buys things online, giving them an E-gift card or credit on an app store can make it easy for them to use their gift. Or find out, if they have any trips abroad coming up, and consider giving them foreign currency to use at their destination. Bank of America customers can check exchange rates and order currency online.

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