Anyone have any experience with Schwab's 529 plan? Since I hold the majority of my assets over at Schwab, I feel opening an account there just to aggregate everything together is a good choice. I live in Texas, so no state tax deduction since Texas doesn't have a state tax.
This will primarily be for my unborn kid with myself named as the beneficiary. I figure if I saved a good $25-$50 a month for 9 years until I turn 30 (which is when I'll try to have kids), It'll lower the overall burden of saving for college when I actually have a kid.
I looked at Vanguard's 529, but it has maintenance fees for accounts under 3K, and I don't want to commit that much money into the account yet. Schwab, however, has a 5% mandatory cash allocation and is a little bit more expensive for its 100% aggressive index allocation which primarily uses Schwab's low cost etfs. However, no account minimums/maintenance fees and you can open an account with a whopping $25.
I'm looking into this because all my tax advantaged/deferred accounts are maxed, and taxable investing is my only option left.
Any responses would be appreciated!