Can I Open A Robinhood Account For My Child?

Can I Open A Robinhood Account For My Child?

Your children are the topmost priority for you. What best you can do for your kid is to provide them a safe bright future. You can owe them a bright future by saving money for them. Do parents think that can they open a Robinhood account for their child? Yes, they can do it by opening an account in the custodial app.

A custodial account is an account that allows a minor to open an account to own an investment before they are adult. Parents have to pay installments on the behalf of their kids. They will put your money in different companies you can watch your investment grow. Here you will find the answer that “Can I open a Robinhood account for my child”?

All you have to do is open an account in the best custodial app. You can just start your account with as little money as $5. Avoid the usual trading and brokerage fees that a similar platform charged.

Need to Enter your Contact Information

This section asks you for some of your personal information like your home mailing address and phone number. You’ll also be asked whether you, or a member of your immediate family, is employed by a member firm of a stock exchange or the Financial Industry Regulatory Authority (FINRA), or if you or a family member is a director, 10% shareholder, or senior officer of a publicly traded company. You’ll likely answer “no” to these two questions.

On the right-hand side of the screen you’ll see answers to questions you might have about the application questions, like why Robinhood needs a customer’s address (answer: Uncle Sam requires all brokerages to collect addresses for identity verification). Once you’re done with this page, just click “continue” and head on to the next step!

Why custodial Account I should Open?

You will get maximum benefits from the custodial accounts. You don’t have to pay tax on the first unearned money of your child that is $2100. After that, you have to pay tax with a reduced interest rate specific to custodial accounts. In the case of normal 925 accounts, parents have to pay full taxes and a penalty when they withdraw money from the account and cannot use it on Childs benefit. Same conditions will be implied if you missed any installment.

So open a custodial account and get benefitted from it. You can serve your children’s educational purposes.

Loved’s savings account to focus on both education as well as the growth of your child Unlike Fidelity, TD Ameritrade, and other stock accounts. They will put your money in the big companies and you can watch your investment grow. Think about companies like Apple, Disney Facebook Warren Buffett’s Berkshire Hathaway, or Big Tech companies. You can invest money in the form of gifts on our platform. You can invest 20 dollar stock and watch your money grow for your child. Go with it and get yourself registered on our platform.

Leave a comment

Your email address will not be published. Required fields are marked *