With a custodial account, an adult like a parent or guardian opens an account for a minor and manages the assets in that account on their behalf. If you prefer this account type over a custodial account, the variety is nice to have. stocks and ETFs and Fidelity mutual funds. Investments are also more limited to U.S. This isn't a joint or custodial account, so the money in the account belongs to your teen. It also has plenty of no-transaction-fee mutual funds, making it one of our favorite brokers for mutual fund investing.Īnd what's nice about Fidelity is that it also has a youth account for children between the ages of 13 and 17. This online broker offers UGMA/UTMA custodial accounts and supports investments like stocks, options, mutual funds, bonds, CDs, and even fractional shares. One final custodial account provider you can consider is Fidelity. Here are some of our favorite custodial account options you can consider. If you want to get your kid excited about investing, there's no better way than opening a custodial account so they can watch their wealth grow. To help you make the right choice, we're examining some of the best custodial accounts available and how to make the right choice. And some accounts come from fully-fledged brokers while others are provided by simpler investing apps. However, there are plenty of custodial account providers on the market. And when they turn of age, they gain access to their funds and don't face the same restrictions they would with something like a 529 plan for education spending. This account lets you invest in a variety of assets on behalf of your child. If you want to start investing for your child's future, opening a custodial account is an excellent idea. We may receive compensation when you click on links to those products or services This article/post contains references to products or services from one or more of our advertisers or partners.
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