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- Rated 4 stars
- UNest Review
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Every year, college tuition prices climb higher, and approximately 45 million Americans have student loan debt with an average monthly student loan payment of $393. So, saving for your child’s education (and other major expenses) is something you can do now that will have a positive effect on their future. This is where UNest can help.
UNest is a mobile app that makes opening an account and investing quick and easy. With the platform, you can set up automatic recurring monthly contributions and receive gifts from family and friends. Plus, accounts come with tax benefits to help incentivize you to save even more. Let’s dive deeper into UNest and its features below.
UNest previously offered a 529 plan, but it was discontinued in October 2020.
UNest $25 Sign-Up Offer
Get $25 when you start your account with the link below.
UNest helps you save for your child’s future goals – an education, car, house, wedding and more – by investing savings into a UNest account. All you have to do is download the app and deposit a set amount each month.
UNest accounts are custodial accounts used to hold and protect assets for minors until they reach a certain age. Money can be withdrawn without penalty for any expenses that benefit the child, not just educational ones.
Here’s what we like about UNest accounts:
- Convenient account setup and management with a mobile app
- Choice of 5 investment options to suit your needs
- Up to $2,200 of annual tax benefits with the first $1,100 in earnings tax-free
- Access to advisor-guided financial planning designed for families
- Control how the money is invested and spent until the child becomes an adult
- Set up automatic contributions to easily invest
- Bank-level security and the strongest encryption to keep your data safe
The minimum amount to invest is $25 per month, which can be adjusted month-to-month. Can’t decide how much to contribute? Use the savings calculator to figure out the right amount. Funds are automatically withdrawn each month from your linked checking account.
If you have more than one child, UNest lets you create multiple accounts and set the monthly contribution for each.
UNest charges a flat $3 monthly fee for account sizes under $50,000. Accounts over that threshold are charged 0.25% of the balance. Please keep in mind, the specific investments you buy will also have an expense ratio, from 0.030% to 0.10% annually.
UNest has partnered with a handful of brands, so you can earn extra cash and accelerate your savings when you shop with them:
UNest makes it easy to invest with low minimum investment amounts and reasonable fees.
Kidfund is a social savings app designed to help kids save money. They’re currently offering a $5 sign-up bonus.
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