UNest, a U.S.-based mobile app that helps parents invest in their children’s future financial wellness, announced on Wednesday the launch of its UNest Investment Account. According to UNest, the account is a tax-advantaged custodial account that enables parents to save for more than just their child’s education.
Founded in 2018, UNest is on a mission to eliminate student debt and provide financial products to make life better for all American families. The startup’s mobile app helps parents save for their children’s education through college saving plans. Users can start investing as little as $25 a month, with every dollar helping their children achieve their financial goals. While sharing more details about the account, Ksenia Yudina, CEO and Founder of UNest, stated:
“Our decision to offer The UNest Investment Account for Kids was born out of feedback from our rapidly-growing community of UNest families. Our users often asked us what would happen if their kids do not go to college, or they receive full-ride scholarships or financial aid. Especially during a pandemic, when a lot of education has shifted online and families are worried that the cost of tuition is simply unsustainable, the new type of account with tax advantages and greater flexibility presented an excellent balance for parents.”
UNest further explained that the UNest Investment Account will join its existing 529 solution as part of its product portfolio. The company added:
“By offering both 529 plans and the UNest Investment Account, parents of all income levels and backgrounds will have access to a solution that meets both their short and long-term needs. UNest develops investment portfolios using Vanguard funds that are recognized for offering the lowest fees in the industry.”