I'm looking for some recommendations for which company to setup a Custodial Roth IRAs for a few of my kids. I'm putting them on payroll with our business and they're going to get paid minimum wage when they come into the office/warehouse and work. I'm planning to withhold about 1/3-1/2 to go into a Roth IRA while they can keep the rest to buy toys or whatever else they want.
I've got experience with a TD Ameritrade account I setup years ago as well as a Vanguard account. However, they will probably only be contributing a few hundred dollars over the summer to this account, so Vanguard probably doesn't make sense. Any recommendations from someone who has setup a Roth IRA for a minor? I'm looking for ease of setup and making semi-regular contributions from their bank account (nothing regular as their pay will be erratic). Basically, something that I can invest in an S&P 500 or total market index fund with little or no cost.
