Author Topic: UTMA account options for low balance  (Read 373 times)

PDXTabs

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UTMA account options for low balance
« on: June 21, 2019, 08:25:16 PM »
Does anyone have any recommendations for where to open a UTMA account for my son? There wouldn't be very much in it to start, maybe $200.

EDITed to add - there are conflicting reports as to when or whether M1 Finance allows UTMA accounts. Their FAQ says no but the paper application says yes. Reddit says mid-2019.
« Last Edit: June 21, 2019, 08:31:00 PM by PDXTabs »

Kem

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Re: UTMA account options for low balance
« Reply #1 on: June 22, 2019, 09:28:43 AM »
I hold my daughters UTMA at Fidelity - this is where their gift money or small jobs money goes.

The younger daughters was opened with around $300.  Currently I invest their small funds into ITOT as it is inexpensive vs VTI.  New contributions will be going into Fidelity zero fee funds