Best Investment Accounts for Teenagers Under 18:
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So right off the bat, your best bet when it comes to opening an investing account as a minor is using what's called a custodial account which is essentially an account that your parent or guardian opens on your behalf and is able to gift you money that can be invested in stocks bonds mutual funds and a ton of other kinds of investments. Now I use the word gift here because currently, your parent or guardian is able to contribute up to $15,000 per year to a custodial account without having to pay what's called a gift tax on that money. Now by no means am I saying that it is normal for your parents to just give you $15,000 per year in an investment account because that is absolutely not normal at all however, let's say you have maybe $1,000 that you're ready to invest well you could give that $1,000 to your parent or guardian and then they could gift you that $1,000 into your custodial account.
So the first option for an investment account as a minor would be the custodial account through Charles Schwab. Charles Schwab is going to give you access to a really wide range of investments since they are such a large company plus they have no minimum balance requirement in order to open this account, no monthly fees, and just like many of their competitors, they have recently transitioned to a $0.00 Commission model meaning you can buy and sell your different investments like stocks or ETF's for free which is awesome especially when you are just getting started. Charles Schwab also gives you access to a vast network of mutual fund options including some target-date funds that are a fantastic way to passively manage your risk and plan for your long-term financial future.
The next investment account option for minors is from a company that is near and dear to my heart and that's because this company was actually where I had my very first investment account and that would be TD Ameritrade. The reason I include TD Ameritrade on this list is that they actually have some of the best college savings options specifically when it comes to custodial accounts. Now I do want to make it clear that they do market this account as an educational savings vehicle but this custodial account does not fall under the same restrictions as a 529 college savings plan. They offer a fantastic custodial account option with no minimum balance requirements, $0.00 Commission trades and access to some seriously powerful investing platforms like their thinkorswim active trading tool.
The third investment account is going to be slightly less conventional but in my opinion, is probably the best option especially if you are looking for more of a passive approach to your investing and that would be the custodial account option from Acorns which if you're not familiar is an incredibly popular passive investing platform that allows you to automatically invest your money in a diversified portfolio that is entirely created for you. In order to access this Acorns early feature, you will need to have the acorns family package which is $5 per month but keep in mind this allows you to access the full suite of acorns investing tools, as well as Acorns spend which is a pretty cool hybrid bank account as well.
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