Why would I invest in an Early Invest account instead of a 529?

Great question. Actually, you can do both, and this might be a great option to maximize your child’s investment planning. 

With a 529 investment account, the funds must be used for eligible education expenses, and items related to education, like academic books and supplies. 

An Acorns Early Invest account is a UGMA/UTMA, which stands for Uniform Gift/Transfer to Minors Account. With this type of investment account, the funds can be used for anything that benefits the child. This might include education, housing, extra curricular activities, special services, or transportation. 

There are also different tax advantages with each type of account. Consult a tax professional or irs.gov for more information. 

Thank you for investing in the next generation. We’re excited to help them grow their oak!