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I'm not sure you want your son as the primary on joint savings/checking accounts.

Why not? In my mind it's already his account, I just have access to manage it. It would remain the same if he is primary, but it would earn a higher rate.

Why not just simplify things and pay the tuition from your current account and open the higher interest account as a separate account?

The higher rate savings is only available for 18 to 24 year olds and currently pays about the same as a 30 day T-bill. I'm using the "Tuition Management System" where I can spread payments over five months per semester interest free instead of paying a lump sum. If the money is parked in the "converted" account it will earn 4X the interest it will in my account. So I would really like to park the cash in the higher paying savings account. I just don't want it to be interpreted as a gift if I do so.

Also, unless your son is living at home, there is a reasonable chance there are equivalent or better banking resources near, or at, his college/university.

Possibly, but then I may not have the easy access of transferring funds. His account is set up as a family account so I can directly transfer from my account to his and it happens real time. No waiting for an ACH transfer.

Thanks for the input.

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