Can I open a kid’s investment account if I am not the parent?

Yes, grandparents, aunts, uncles, and friends can open a kid's investment account for a child to help with their financial future. However, if you open the account, you’ll become the account's custodian. This means you will be responsible for managing the account until the child reaches adulthood.

lf you'll be opening the account as the custodian, you'll also need the child's date of birth and SSN. You can read more about what information is needed to open an account here.

What does being a custodian mean?

As the custodian, you’ll make decisions about contributions, withdrawals, and how the funds are invested. If you're not ready to take on the custodian role, there’s another option: the child’s parent can open the account, and you can make one-time or recurring contributions to support them via gifting. In this case, the parent remains the custodian and manages the account.

Custodians receive info on how to share their unique gifting link with friends and family. Read more here.

Can I choose to only cover the costs for the account?

Right now, only the custodian is responsible for paying the admin fees, but we are working on adding the option for friends and family to cover those fees in the future!