Roths for Minors with No Minimums

[ctinct]

My daughter is working her first job this summer. It's only for a few weeks, so she is not making a ton of money, and I do not expect she will be working during the school year. I want to gift her the amount of money she will be making into a Roth. The problem is, I am pretty sure not all companies allow minors to have accounts-I seem to remember that only a few do. Also, I know many companies have either minimum amounts required to open an account or will let you open an account with no minimum but require a monthly contribution until you meet the minimum. The problem is she will not be making any more money this year. I estimate her total for this job will only be between $400 and $600. Can anyone give me the name of some companies that will let minors open an account with very little money? I hope to be able to gift her some money through her college years, too, so that she will have a little head start on her retirement savings and that magic combo of time and compounding will help her out a lot. She is 16 and a senior in hs this year. Thanks!

 

[abmitch01]

i could've sworn I started my Vanguard Roths with very little money and didn't have to make monthly contributions.

what a great idea, BTW!

 

[dawson5]

Just had this talk with my boys yesterday. They received their savings acct. statements. When they get a bit more, we were going to be looking into something like this for them. So I guess I will be subbing to see what is out there.

 

[TheRatPack]

I'm interested too....while our own IRA is tanking I'd still like to start something for my children. Both the older ones have taken Dave Ramsey's FPU and are very very interested in compounding interest now LOL