Family member gifted money to my newborn children – wondering what’s the best use for it.

Family member gifted money to my newborn children - wondering what's the best use for it. My kids (2 mo old) were given a couple thousand in cash/checks each from their grandparents. I've been sitting on it for a month trying to figure out how to use it most effectively. Put them into a 529? Open a HYSA in their name? It's not a ton of money so it's not like it's going to grow a bunch... but at the same time it's not doing anything s...

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