My 10 year old daughter loves saving money and is very money motivated. She has about $1,500 sitting in a savings account. I’d love to open a brokerage account for her and put it into S&P so she can keep adding to it and use it to buy a car when she’s older. I don’t want to add her funds to my brokerage account as I’d like her to see how her own money is growing in total. My brokerage is at TD, should I open another at Fidelity for just her money? Other ideas?

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You might want to look into a 529 (I think) college savings account? There are significant tax benefits, which also should outweigh any potential penalty if the funds are ultimately not used for education.

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I have a 529 plan for her that I contribute to

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I did the same for my younger brother. I opened another account in my E*TRADE for him so he can learn and watch it grow. I have my personal, and options account, and then his account. It’s awesome. He loves it - teaching him compounding is the best first step in my opinion. Your daughter sounds like a smart cookie - good luck!

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Can you just open another account for her at TD? Why go to fidelity? I love fidelity but see no reason to go there. You may need to open a custodial account for your daughter because they probably won’t let a 10 year old open one.

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So the TD platform may not be the best. I opened a UGMA account and it made me create a whole new profile and user name and password. Now when I open the app I have to log out and log back in with my user name or the one I created for her. I was really hoping for a more streamlined approach where I have one user name and password but could toggle between the accounts on the dashboard.

She has more savings than 70% of Americans

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Your daughter is awesome

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Open a separate taxable account for her on your profile

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Just make sure it is in her name and not yours.

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Custodial account or 529!

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Just make an RH account for her, UI is the best and I prefer webull personally

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My parents made my brother a custodial account at Schwab and it was super easy

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What type of minor TD account should I open for her? Can’t be IRA because she doesn’t have earned income.

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I think UTMA/UGMA

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Custodial account- on your Home Screen it might bundle it into your total, but will break it out if you go to account summary view

Just start her in a Roth now and she’ll retire when she’s 30

Can’t do this without earned income for the daughter

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