Do I need an account for each child?

Not necessarily. But there are some things to consider. When you have a VT529 account, you can change the beneficiary twice every calendar year. So, assuming none of your children will be attending college or any other eligible school at the same time, it’s possible to use the same account. However, to be on the safe side, you might want to open an account for each child, so they have access to their funds when needed.