Personal Finance Guides for Expecting Parents

Start early. Find everything you need to prepare financially for the arrival of your little bundle of joy, and set the little one for a great financial future.

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Ally Bank

Why we like it:

Set it and forget it savings at its best. Ally bank's smart saving features and boosters help you automate savings, driving your savings up with little effort.

  • Easy to open accounts online
  • Offers custodial savings accounts, truely owned by your child
  • High yield savings account
  • Smart features to optimize savings
  • No minimum to open or hold account
  • No monthly fees

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Fidelity

Why we like it:

Managed investment with no fees for the hands-off investor. Virtual assistant, no minimums, low cost mutual funds, and fractional share trading for the hands-on investor. These make Fidelity a great choice for new investors that are looking to dip their toes in investing.

  • A virtual assistant offers step by step help for new investors
  • Individual and custodial accounts: no minimum to start, $0 commission on stock and ETF trades
  • Managed portfolios: no minimum to start, and no advisory fees for accounts with balance under $10,000
  • Low to no cost mutual funds with no minimums to invest
  • Allows buying fractions of pricey shares for as little as $1

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NY 529

Why we like it:

Offers low fees and diverse investment options and available to residents of any state. New York residents enjoy a state tax deduction for contributions to the plan.

  • No minimum to open an account or to contribute
  • Low fees - 0.13% total annual asset-based fee
  • No advisor fees, commissions or account maintenance fees
  • State tax deduction of $5,000/yr for single filers, $10,000/yr for joint filers
  • Offers Age-Based investment plans, reducing portfolio's risk as child nears college years
  • Top 10 performing 529 plans by SavingForCollege.com

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A Guide for your Financial Parenting Journey

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