The Money Mustache Community

Learning, Sharing, and Teaching => Investor Alley => Topic started by: newkid on February 07, 2020, 09:58:51 PM

Title: Any experience with Stockpile? Other recommendations for custodial account?
Post by: newkid on February 07, 2020, 09:58:51 PM

I'm setting up a custodial account (UTMA/UGMA) for my 12 year old daughter to teach and encourage saving and investing. Looking for recommendations on where to house it.

I told her that if she saved $50, I would contribute $200 to get her started (which she has done), and after that, I would match her dollar for dollar. So we're not talking big dollars, at least not yet.

I could be wrong, but I believe if we opened a custodial account at Vanguard, we'd have to meet minimum thresholds, e.g., $3,000 for VTSAX, or single share prices for ETFs and individual stocks. Stockpile (www.stockpile.com) looks like a new platform; it allows for fractional shares and 0.99 trades. Anybody tried it? Or have other recommendations?

TIA

(cross-posted to Mini Money Mustaches)

Title: Re: Any experience with Stockpile? Other recommendations for custodial account?
Post by: frugalnacho on February 10, 2020, 09:57:22 AM

Schwab.  I have a custodial account for my niece.  They have low cost index funds which cost no commission or trade fees and the minimum balance is $100, which you've already met.