This service lets parents, guardians, and family members set up a custodial account for a child. To provide support for parents during the COVID-19 pandemic, Acorns is giving a free account for babies born in 2020 (expires March 1, 2021).
If you invest $5 a day when your child is born and if that investment makes the average stock market return of 7%, then you could give your kids around $60,000 when they turn 18.
With Acorns Early accounts, it’s easy to set up a custodial account. All you need is your child’s name and social security number. It’s a UTMA/UGMA account, which means it can be used for anything that benefits your kids.
Invest your spare change in your children’s future or set up reoccurring payments, and Acorns does the rest. You can potentially get tax advantages for investing for your children.
Early accounts are included in all Acorns Family accounts. For only $5 a month, you can get Acorns Early for all your kids, plus all-in-one investing, retirement, and checking accounts, Smart Deposit, personalized insurance options, and other tools to save money.