Best investment accounts on Reddit
57 reviews from r/personalfinance, r/toddlers, r/Fire and 8 more subreddits
57 reviews from
and
By Brand
/By Product
#1
Fidelity
4.4
(14)
"The 529 plan is the way to go, offering various options for unused funds."
"Fidelity's 529 plans offer great tax advantages and flexibility for saving for education."
"I opened another brokerage account with Fidelity for better management of my investments."
"The author appreciates the foresight of setting up 529 plans for children's education."
"Fidelity brokerage account has a cash management feature and a credit card that gives back 2% on every purchase."
"My recommendation would be Fidelity or Vanguard. I use Fidelity."
"People love Vanguard, and with good reason! That said, when the Bogle era ended, Fidelity took on a similar strategy and tried to compete."
"For my grandkids, I have them in. FZROX, FSPTX, DGRO, AAPL, FHLC, SCHD."
"As for Fidelity vs. Vanguard, the 17-year-old can get an extra $50 by opening a Fidelity Youth Account."
"Great for college savings, but not all kids go to college."
#2
Vanguard
4.4
(7)
"I drop it all in VOO."
"It's literally that easy to optimally invest."
"A target date fund could work!"
"People love Vanguard, and with good reason!"
"Vanguard is great, but consider Fidelity too, no minimum balance requirement."
"Vanguard target retirement income is a balanced yet extremely conservative investment."
"Open a Roth IRA at Schwab or Vanguard or Fidelity."
#3
Various Financial Institutions
3.5
(6)
"The author emphasizes the importance of teaching children about financial literacy through practical experiences."
"Lower taxes and fewer restrictions, but becomes child's money at age of termination."
"Guaranteed returns, but may lose to inflation."
"You keep control, but may face higher taxes."
"Low risk and won't lose nominal value, but may lose to inflation."
"Requires earned income, which most minors don't have."
#4
Roth IRA
4.7
(3)
"Funding a Roth IRA is a smart way to save for retirement without affecting financial aid eligibility."
"Roth IRA is the only really tax efficient account you can utilize and still withdraw contributions."
"A Roth IRA is a great option for education expenses, allowing you to pull out contributions."
#5
Portfolio Visualizer
4.0
(2)
"The backtest shows that taking out 3% a year allows the value to go up over time."
"The asset classes allocation provides a longer horizon for investment."
#6
Charles Schwab
3.5
(2)
"Open a Roth IRA at Schwab or Vanguard or Fidelity."
"I’m with Schwab which doesn’t have partial ETF (which I don’t like anyway) so I’m limited to certain price points."
#7
U.S. Government
5.0
(1)
"Just invested some in Series I bonds. Return rate is over 7% right now, and it's govt so very low risk."
#8
Merrill Lynch
5.0
(1)
"I chose ML because I can see the $$ when I log into BofA."
#9
U.S. Treasury
5.0
(1)
"I bonds are a great investment option for educational expenses."
#10
Various Online Banks
5.0
(1)
"High yield savings accounts offer better rates than traditional banks, well above 1%."
#11
Tooth Fairy Plan
5.0
(1)
"The tooth fairy plan helps manage children's expectations and teaches them about saving."
#12
Stock Market
5.0
(1)
"The author plans to introduce stock buying to children as a fun learning experience."
#13
YNAB
5.0
(1)
"I use YNAB to track my long-term and short-term brokerage accounts effectively."
#14
Microsoft
5.0
(1)
"I drop it all in Microsoft."
#15
SPY
5.0
(1)
"Setting up UTMA/UGMA accounts for children to teach them about investing early."
#16
Independent Life Insurance
4.0
(1)
"An independent life insurance policy is recommended for better health coverage."
#17
Aldermore Bank
4.0
(1)
"Aldermore offers a competitive fixed term interest rate of 1.7%."
#18
Virgin Money
4.0
(1)
"Virgin Money provides easy access savings accounts with around 1% interest."
#19
Gerber
4.0
(1)
"It's a good idea to have a variety of financial products for your child."
#20
Betterment
4.0
(1)
"Betterment's management fees are extremely low and the account can be used for anything."
#21
Various Investment Firms
4.0
(1)
"A balanced allocation of bonds and stocks is recommended for age-appropriate investing."
#22
Florida Prepaid College Plan
4.0
(1)
"The Florida prepaid plan is a good investment for future education."
#23
Government Pension Plan
4.0
(1)
"The FHSA offers tax benefits similar to RRSP without downsides."
#24
TFSA
4.0
(1)
"TFSA is likely the second priority for those under 100K income."
#25
UTMA/UGMA Account
4.0
(1)
"UTMA/UGMA accounts provide flexibility for using funds for various expenses."
#26
Regular Savings Account
4.0
(1)
"Having a regular savings account is beneficial for managing finances."
#27
Stock
4.0
(1)
"Investing in stocks can be a smart way to grow your money."
#28
RRSP
2.0
(1)
"RRSP may not be the best option considering future tax liabilities."
#29
Acorns
1.0
(1)
"Acorns charges ridiculously high fees compared to other discount brokerages."
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