Kid Investment Account

F

frostengine

My kids have an interest in investing their money vs having it sit in their piggy bank. What is the best type of account to create (from a tax perspective)? Who is a good broker to use for this type of account? I would want the ability to trade options in their account. (covered calls/cash secured puts)

Would likely only be a few $k for each of them initially.
 
I've been looking at Sparkgift for mine. Not sure about options though. It may not work for me due to my job (broker has to be on an approved list), but it looks pretty clean and simple for most people's needs.
 
TDA offers ESA accounts. $2k/year and are taxfree (like Roth IRAs) when spent on education. These are kinda like iras so you can probably get covered options permission if you ask. Many brokers offer these, if you prefer another.
 
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