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The Limited Marketplace Lending Investment Options for Kids

We explore the different investing options for kids and what is available with marketplace lending.

December 7, 2016 By Peter Renton Leave a Comment

Views: 103

I have two kids, aged 10 and 8, and unlike pretty much every other kid their age, they both take a keen interest in marketplace lending. And this is not just because their dad is heavily involved in the industry but because they both have Lending Club accounts in their own name.

I opened UTMA accounts at Lending Club late last year (more on UTMA accounts below) for both kids and transferred the money that was sitting in their savings account (earning less than 0.1% interest).  They have been saving a minimum of $1 a week from their allowance as well as a large portion of any gifts they receive from their grandparents. We track these amounts and then contribute new money to Lending Club 2-3 times a year. Now, my son will often say on allowance day, “Just put it all in Lending Club this week”. My daughter likes to spend her money so she usually just does the minimum.

So, what are the investment options for kids? I have written over 1,000 articles on Lend Academy since 2010 and have never discussed this topic so here goes.

What are UTMA Accounts?

[Read more…]

Filed Under: Peer to Peer Lending Tagged With: 529 Plans, college savings, Coverdell Education Savings Accounts, kids investing, Lending Club, UGMA, UTMA

Views: 103

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LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

We are a team of fintech enthusiasts who have been covering the industry for many years. With a deep knowledge of online lending, digital banking, blockchain, artificial intelligence and more our team covers the daily news and writes in-depth editorials.

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