Individual Retirement Account (IRA) for Teens

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  • Roth IRA for a Teen

    Feb 18, 2021

    My teenage daughter earns occasional money from dog sitting. I'm looking to deposit an equal amount into a Roth IRA for her. Looking for some advice on where I could do so without a minimum balance or high fees. My first choice would be Vanguard but they have a $1,000 minimum balance. Once we get to $1k, I plan to transfer the balance to a Vanguard account. Until then, what's a good option? So far we are only starting out with $75 and not sure when the next dog sitting/money earning opportunity would be, but will probably get a couple more sometime this year. Thanks for any advice!

    Nerd Wallet has a list of Roth IRA providers that have $0 minimum balances. Usually you have to commit to a regular monthly ACH deposit to qualify, but take a look and see if any of these work for you. https://www.nerdwallet.com/best/investing/roth-ira-accounts