+1. To add to this, Fidelity's youth account is a unique account that is owned by the kid. The parent has access to monitor the account but the child-owner does all transacting. It is the only way I know for a kid to get their own account before age 18. In addition to investments, they can hold cash in a money market funds and make cash withdrawals with a debit card with all fees reimbursed.I opened a Fidelity youth investment account for my son when he turned 13. I plan to do it for my daughter next year when she turns 13.
I recommend it.
https://www.fidelity.com/go/youth-account/overview
I would do UTMA until the kid is 13, then the Fidelity Youth Account as soon as they are able.
Statistics: Posted by aristotelian — Tue Dec 03, 2024 6:10 am