Children’s investment accounts
Ms. Savage,
About 10 years ago, per your advice, I established investment accounts for my grandchildren. I used Stockpile. There were no fees for their accounts ( about 8). We’ll Stockpile apparently closed down. My accounts were automatically transferred. Some to Public and some to Stash. It seems they charge monthly fees. I only have around $1k per kid. Really just using them to instruct the kids on investing. Are there any custodial investment companies left, that don’t charge fees? Or is that a thing of the past?
Thank you,
Terry Says
Those just weren’t very profitable accounts for Stockpile, and I was sorry to see them go.
A lot depends on how old your grandchildren are, and whether they really expressed an interest in investing.
If not, and if they are under age 15, I think the wisest thing would be to open a 529 College Savings Plan account for them, and just let the money keep growing tax-free for college expenses.
Read this to get started. https://www.terrysavage.com/the-gift-of-college-529-plans/
If, in fact, you did generate an interest in investing for one or more of them, consider the Fidelity Youth Account as an alternative. It’s easy –especially if you have your own Fidelity account.
