Help Secure Your Child’s Future With YoorKids
The YoorKids app doesn’t simply offer a fun and convenient way to gift money to children; it helps family and friends invest in a child’s future. The app allows parents to connect the app to any number of bank or investment accounts – from 529 plans and Custodial Accounts to savings and checking accounts. With these accounts held by the user, YoorKids provides an efficient channel through which financial gifts can contribute to a child’s security.
529 Plans
One of the biggest expenses that a family is going to face is their child’s education. With YoorKids providing a thoughtful and convenient way for gifts to be channeled into a 529 college savings plan, the app encourages contributions that will ultimately help meet the cost of a child’s education. With the ever-rising cost of upper education, YoorKids serves as an effective boost to a child’s future and their ability to emerge from college without the burden of debt.
Depending on the state you live in, a 529 plan offers tax advantages on the savings in the account and is one of the most popular child investment plans that YoorKids users connect to.
Custodial Accounts
Another popular choice, custodial accounts are typically investment accounts administered on a child’s behalf by an adult—normally a parent. With the child gaining access to the account when they reach adulthood, the money held in these accounts can be spent on anything – from buying a house to starting a business.
As an investment option, custodial accounts are particularly appealing. They are hugely flexible, allow the purchase and sale of individual stocks, require no minimum income or contribution levels, and have no withdrawal penalties.
Children’s Saving Accounts (CSAs)
Although CSAs are typically set up to help families meet college fees, they differ from 529 plans in that they have far fewer restrictions on how the money can be used. CSAs are also a less risky investment for families, as the accounts are FDIC-insured and aren’t affected by market fluctuations in the same way that 529 plans can sometimes be.
Various types of CSAs are available, depending on the state and city you live in and your income level.
Children’s Checking & Traditional Savings Accounts
Although these types of accounts aren’t typically used to save for a child’s future, they’re a great way to teach children how to save and manage their money. Children’s accounts offer an easy, flexible, and most importantly, secure way for them to receive financial gifts from family and friends – and save up for something fun that they really want.
Although children’s bank accounts are quite similar to adult ones, they tend not to offer services such as overdrafts and come with enhanced security provisions that are normally managed by a parent.
YoorKids: The Child Investment Account Gifting Solution
Whether you are more comfortable with the higher returns and greater risk of 529 plans and Custodial Accounts, prefer the relative stability of CSAs, or simply want to teach your child about money with a checking account, YoorKids offers an efficient way for the community that surrounds your child to contribute to their growth and security.
Prepare for your child’s future while celebrating their present with YoorKids. Download the app today and help your child prepare for tomorrow.
