Best investment account on Reddit

172 reviews from r/personalfinance, r/investing, r/FinancialPlanning and 26 more subreddits

172 reviews from
and
By Brand
/
By Product
#1

529 Plan

4.6
(49)
"The 529 is the best choice."
·
"529 is still the best option I think"
·
"1) It encourages kids to get a higher education and 2) it's tax advantaged."
·
"I believe they also expanded what qualifies as educational expenses to include less traditional schooling options (like apprenticeships). I would still consider this as an option."
·
"Start a 529. It is meant for furthering education, but with recent changes, he can slowly roll it over to a Roth IRA."
·
"529 plans are great especially since now you can rollover some of the unused money to a Roth IRA eventually."
·
"Highly recommend instead doing a 529 (investments grow tax free and your contributions may reduce your state income tax owed)."
·
"If you want it to be for college do a 529 so it's tax free."
·
"We have a college fund (a 529) for each kid, each gets $100/month from us."
·
"Only investment account is a 529 plan for each of them."
·
#2

Vanguard

4.7
(19)
"Schwab, Fidelity, and Vanguard are considered top-tier low-fee brokerages."
·
"Super easy to set up and has been a great investment for my kids."
·
"I also like VTSAX mutual fund because it's more broadly invested than VOO."
·
"VOO is a nice broad ETF."
·
"Could look at VGT if you believe tech will continue to perform well into the future."
·
"You could check out VGLT for some hedge/safety."
·
"VT is recommended as a great ETF investment strategy."
·
"I use Vanguard kids accounts. Family can just BPay straight into it for birthdays and Christmas."
·
"Consider a UTMA account with Vanguard for saving."
·
"Keeping it aggressive with index funds like VTI and VOO is a smart way to go."
·
#3

Fidelity

4.5
(10)
"Schwab, Fidelity, and Vanguard are considered top-tier low-fee brokerages."
·
"A custodial account is probably what you're looking for. Fidelity and Schwab are pretty popular choices."
·
"Fidelity allows for partial/fractional shares of any ETF, making it a flexible investment option."
·
"Excellent performance and low expense ratio."
·
"Investing in a total stock market index fund like VTSAX is a smart choice for long-term growth."
·
"Fidelity is easy to use and isn't as suspect as Robinhood imo."
·
"My kids have utmas that are invested 60/40 fskax/ftihx."
·
"I would open a fidelity custodial account."
·
"For the 15 year old a teen brokerage (Fidelity has this) or UTMA."
·
"Fidelity has a youth account you can open."
#4

Charles Schwab

4.8
(4)
"A custodial account is probably what you're looking for. Fidelity and Schwab are pretty popular choices."
·
"Schwab offer international accounts."
·
"I'm still able to use my Charles Schwab acct."
·
"I'll suggested Charles Schwab's International account."
#5

Investment Account

3.4
(5)
"529s are the best option since they’re tax deferred and will be tax free if used for education costs."
·
"$100 a month at 18 years with a. 8% growth rate (average for asx) you would have $48k when he is 18."
·
"Honesty anything you do is better than nothing. Even if you open up an investment account and out $1 a day until she’s 18."
·
"An UTMA is just a brokerage account whose ownership automatically transfers to the intended beneficiary when they turn 18."
·
"Brokerage account will be taxable to you."
#6

UTMA

4.0
(4)
"I like UTMA accounts because of the flexibility."
·
"UTMA accounts transfer to the minor when they turn 18-21."
·
"I'd say a UTMA account and then a Roth IRA once they have any earned income."
·
"UTMA that’s what I have for my kids."
#7

UGMA/UTMA

4.0
(4)
"Custodial accounts under the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) are accounts created under a state’s law to hold gifts or transfers that a minor has received."
·
"You can also open an UGMA/UTMA account."
·
"UTMA/UGMA and then age of 21 convert to joint account."
·
"You need to look for an UGMA and/or UTMA account."
#8

Schwab

4.7
(3)
"Schwab has no fees for their brokerage account, providing a cost-effective solution for investing."
·
"Started a Custodial IRA with Schwab, contributing $50/month. The returns average 15% and it's fun doing it together."
·
"An international Schwab account can provide better rates on treasury bills in USD."
#9

ROTH IRA

4.3
(3)
"A ROTH IRA is a great long-term investment option."
·
"If he has some earned income, he can open a Roth IRA and put up to the contribution limit per year in it."
·
"Make sure you aren't over the income limit for contributing to a Roth IRA."
#10

ADCB

4.3
(3)
"Get the privilege account if possible; it's bad ass."
·
"ADCB has a maximum rate of 4.2% for 375 days."
·
"ADCB fixed deposit."
#11

UTMA Account

4.0
(3)
"Open a UTMA investment account. Invest the money."
·
"UTMA accts are great as they’re tax advantaged."
·
"UTMA accts are great as they’re tax advantaged."
#12

Brokerage Account

3.0
(3)
"I just started a brokerage account for my kids a year before they were born."
·
"But you can do an account to invest for the kid and some brokers or banks do have special offers for such cases."
·
"Dividends are taxable in a regular brokerage account."
#13

Betterment

4.5
(2)
"Betterment checking accounts are paying 4.75% APY right now, and you don't pay the management fee on those either."
·
"Betterment checking accounts are paying 4.75% APY right now."
#14

Robinhood

4.5
(2)
"Started a Robinhood account for birthday money, achieving a 67% return."
·
"Robinhood gives 5%apr. You'll make $1,000 per year on 20k."
#15

UTMA/UGMA Account

4.0
(2)
"Accounts like UTMA/UGMA impact financial aid differently than a 529."
·
"I had this issue and ultimately decided on a UTMA/UGMA."
#16

Vanguard Total Stock Market ETF (VTI)

4.0
(2)
"I would just invest it in VTI or VT."
·
"VTI gives total US stock market."
#17

Trusts

3.5
(2)
"Different types of trusts have different tax impacts now and later."
·
"Look into trusts. You can certainly have a trust that you contribute to and the kids eventually get at some age."
#18

Wealthsimple

3.0
(2)
"I keep room in my TFSA on Wealthsimple and I put money towards VEQT for my son and XEQT for my daughter every week."
·
"Wealthsimple does not support informal trust accounts for minors."
#19

Invest Engine

5.0
(1)
"Invest Engine has no platform fee, so probably good for long term investing."
#20

Edward Jones

5.0
(1)
"Our kids each have an investment account with Edward Jones."
#21

ii

5.0
(1)
"I can happily refer and you get a years free subscription as long as it’s over £10k that you are transferring in."
#22

tradethepool

5.0
(1)
"They offer access to more than 12,000 US stocks, ETFs and even penny stocks."
#23

Brokerage

5.0
(1)
"We have a nest egg account in a brokerage, helped by my dad who is a financial planner."
#24

Migros Bank

5.0
(1)
"The fund is managed professionally, reducing the risk of mismanagement."
#25

Interactive Brokers

5.0
(1)
"Interactive Brokers offers a comprehensive platform for managing friends and family accounts."
#26

JPMorgan

4.0
(1)
"Some banks also have brokerages that connect to them so that's an option as well (e.g. chase bank with JPMorgan self directed)"
#27

ESA

4.0
(1)
"How about an ESA in indexed funds? Or just a taxable indexed fund. Much better than no growth."
#28

Stocks

4.0
(1)
"I only put money on it that he receives from birthdays and holidays. And invest that in stocks and an index tracker."
#29

Super Account

4.0
(1)
"Just put extra money into your super account, if you are say 33 when having a kid they will be 27ish when they get the money."
#30

401(k)

4.0
(1)
"I would start by talking with your own employer’s HR and if you have a 401K, see if that company offers such a plan."
#31

Trading 212

4.0
(1)
"I'm currently moving my portfolio from Hargreaves Lansdown to trading212 because of HLs higher fees."
#32

BetaShares Direct

4.0
(1)
"You can begin with "microinvesting" using Betashares Direct or Superhero."
#33

Superhero

4.0
(1)
"You can begin with "microinvesting" using Betashares Direct or Superhero."
#34

Questrade

4.0
(1)
"You would need to setup with account with another online brokerage like Questrade."
#35

Indmoney

4.0
(1)
"I am using indmoney. They restarted the minimal cost transfer again."
#36

Lynx

4.0
(1)
"I decided to open the account on Lynx which is a pass through towards interactive brokers."
#37

Exchange-Traded Fund

4.0
(1)
"I would be looking for a stable etf but that’s just me."
#38

S&P 500 Index

4.0
(1)
"It is good to invest in high equity ETFs such as the S&P 500."
#39

Uniform Transfers to Minors Act

4.0
(1)
"It's what I chose over a 529 since I wanted my child to have options."
#40

JEPI

4.0
(1)
"I wish I’d known sooner about ETF funds and their monthly dividends."
#41

QQQ

4.0
(1)
"Something like JEPI or QQQ that goes up with the market but also pays out monthly."
#42

Coverdell ESA

4.0
(1)
"Surprised to see no one has mentioned a Coverdell ESA as an option."
#43

CDs

4.0
(1)
"Some CDs are giving 5% for 6m to 1 year lock-in."
#44

Investment Bond

4.0
(1)
"Why not consider an investment bond?"
#45

Low-Cost Index Fund

4.0
(1)
"Gift them shares of a low-cost index fund instead of cash."
#46

Degiro

4.0
(1)
"I open one degiro account per kid."
#47

529 Account

4.0
(1)
"I used to work for a financial company and a lot of people set up 529’s for their grandkids."
#48

Wahed Investment

4.0
(1)
"Invest in Shari'ah-friendly stocks and shares with Wahed Investment."
#49

Coverdell Education Savings Account

4.0
(1)
"Open a Coverdall ESA. Self-directed, $2000 annual contribution limit."
#50

ETFs

4.0
(1)
"I like buying VTI, SCHD and VIG every week."
#51

Hargreaves Lansdown

4.0
(1)
"Considered just investing in an Index fund on an adult account?"
#52

Total Stock Market Index Funds

4.0
(1)
"I invest in tax efficient total stock market index funds in this account."
#53

ii.co.uk

4.0
(1)
"I'd avoid HL as their fees are quite high."
#54

Minor Stock Account

4.0
(1)
"I decided against the 529 and just opened a minor stock account."
#55

Broad Market ETFs

4.0
(1)
"Invest in broad market ETFs like VOO or VTI."
#56

Custodial Brokerage Account

4.0
(1)
"Open a custodial brokerage account."
#57

S&P 500 (FXAIX)

4.0
(1)
"S&P 500 (FXAIX) funds are solid for what you’re looking."
#58

Invesco QQQ

4.0
(1)
"QQQ not really all that risky, but huge growth potential."
#59

Satrix

4.0
(1)
"You can go directly to the satrix website."
#60

Sygnia

4.0
(1)
"Check out Sygnia."
#61

Vanguard Total World Stock ETF

4.0
(1)
"Consider the Vanguard Total World Stock ETF (VT)."
#62

Brokerage Accounts

4.0
(1)
"I have separate individual brokerage accounts for each child."
#63

Navy Federal

3.0
(1)
"Navy Federal, like most banks and credit unions, doesn’t offer investment accounts."
#64

Acrons Early Account

3.0
(1)
"What about Acrons Early account? I did that for my kids."
#65

Custodial Roth IRA

3.0
(1)
"If you truly want him to start investing then don't open a bank account."
#66

Standard Brokerage Account

3.0
(1)
"Then a standard brokerage account is literally your only option."
#67

Custodial IRA

3.0
(1)
"You want your kids to be able to use the money at 18, not at 65+."
#68

AVGE

3.0
(1)
"AVGE seems a hand off approach but still new!"

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