If it's inexpensive enough, why not? My sister just had her first baby about 7 months ago. They were talking about using a cord bank but didn't follow through with it. More out of distraction than anything else.

At this point in time you can't know whether or not it will be used later on. But if you don't save it now, if the event happens you won't have it to use. There is also the perspective that if your child never needs it, there might be other kids that it could help years down the road.

You are looking at long term storage of cells, so make sure whoever you go with is legitimate and has a long established history.