UGMA, which stands for the Uniform Gifts to Minors Act, provides parents and guardians with a valuable tool for investing on behalf of their children. UGMA accounts allow funds to be held in a child's name, providing a tax-efficient way to save and invest for their future. Here are some brand considerations for parents looking to set up an account for their child.
Fabric by Gerber Life
offers a simple and convenient UGMA (Uniform Gifts to Minors Act) account designed to help parents save and invest for their child's future. With Fabric's UGMA account, parents can easily set up a custodial account to invest in a variety of assets, including stocks, bonds, and mutual funds, on behalf of their child. Fabric provides a user-friendly online platform that makes it easy for parents to manage their child's investments and track their progress over time. With low fees and a commitment to transparency, Fabric by Gerber Life's UGMA account is an excellent option for parents looking to start saving and investing for their child's financial future
Vanguard
Vanguard offers a UGMA/UTMA account option for minors, providing a range of investment choices including mutual funds, ETFs, stocks, and bonds. With low fees and a reputation for strong performance, Vanguard's UGMA accounts are a popular choice among parents seeking to invest for their child's future.
Fidelity Investments
Fidelity also offers UGMA/UTMA accounts, allowing parents to invest in a variety of assets on behalf of their children. With user-friendly online tools and a wide selection of investment options, Fidelity's UGMA accounts make it easy for parents to start saving and investing for their child's education or other long-term goals.
Charles Schwab
Charles Schwab provides UGMA/UTMA custodial accounts with no minimum balance requirement and a diverse range of investment options, including stocks, bonds, mutual funds, and ETFs. With competitive fees and excellent customer service, Schwab's UGMA accounts are a solid choice for parents looking to invest for their child's future.
Ally Invest
Ally Invest offers custodial UGMA/UTMA accounts with no annual fees and a range of investment options, including stocks, bonds, ETFs, and mutual funds. With competitive pricing and a user-friendly platform, Ally Invest's UGMA accounts are a convenient option for parents looking to start investing for their child's future.
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