UNest Review 2024 | Best Investing App For Kids?
Summary
TLDRThe video script reviews the Unest app, a financial tool designed to help parents invest in their children's future through UTMA accounts. It highlights the app's ease of use, low-cost investment options from Vanguard, and features like rewards and referral bonuses. However, it also points out the $4.99 monthly fee and the limited investment portfolio options as potential drawbacks. The app is best suited for parents who prefer a simple, hands-off approach to investing for their child's future.
Takeaways
- 📱 The Unest app is designed to help families save for their children's future by opening an UTMA account.
- 🤔 UTMA stands for Uniform Transfers to Minors Act, which allows parents or guardians to invest on behalf of a minor until they reach adulthood.
- 💼 Unest offers nine different investment funds from Vanguard, ranging from conservative to risky portfolios, with the app managing the investments.
- 🏦 The main difference between UTMA and 529 plans is that UTMA funds can be used for various life events, not just education, but 529 plans have better tax implications.
- 📲 Signing up for Unest is straightforward, requiring basic personal information and setting a minimum monthly contribution of $25.
- 💰 Unest allows for one-time or ongoing deposits, gift contributions from others, rewards from partnered companies, and referral bonuses.
- 💸 Unest has a monthly fee of $4.99, which some might find high compared to competitors, and a processing fee for gift contributions.
- 👌 The app is user-friendly, available on iOS and Android, and makes it easy for others to contribute to the child's account.
- 🛡️ Unest uses Vanguard for investments, ensuring security and low-cost options, which is a significant advantage.
- 🎁 Users can earn rewards by shopping with Unest's partner companies or by referring friends to the app.
- 🤷♂️ Unest is best suited for parents or guardians who want a simple, hands-off approach to investing for their child's future, despite the monthly fee.
Q & A
What is the purpose of the Unest app?
-The Unest app is designed to help families save for their children's future by allowing individuals to open an UTMA (Uniform Transfers to Minors Act) account for a beneficiary.
What does UTMA stand for and how does it work?
-UTMA stands for Uniform Transfers to Minors Act. It is a type of custodial account where a parent or guardian manages the account until the child reaches adulthood, after which the account is fully transferred to the now adult child.
What types of investments can be made within an UTMA account through Unest?
-Within an UTMA account through Unest, one can invest in various assets such as stocks, bonds, ETFs, mutual funds, and more, with options to choose between nine different funds ranging from conservative to risky portfolios.
How does Unest differ from a 529 plan in terms of usage of funds?
-While funds in a 529 plan can only be used for educational expenses without penalty, UTMA funds can be used for a variety of life events including education, weddings, buying a first house, etc.
What is the minimum monthly contribution required for an Unest account?
-The minimum monthly contribution required for an Unest account is $25, and contributions cannot be paused or stopped as they are automated monthly or bi-weekly.
How can one fund an Unest account?
-An Unest account can be funded through one-time or ongoing deposits by the custodian, receiving gifts from others, earning Unest rewards by shopping or signing up with Unest's partner companies, or referring friends and family to the app.
What are the fees associated with using the Unest app?
-Unest charges a $4.99 monthly fee, and there is a processing fee of 35% plus $0.99 per transaction for gift givers contributing to an account.
How does Unest ensure the security and safety of investments?
-Unest uses Vanguard for their investments, which is a trusted and low-fee brokerage, ensuring that the investments are secure and safe with low-cost expense ratio options.
What are some of the key features of the Unest app?
-Key features of the Unest app include ease of use, 100% passive management, the ability to earn Unest rewards and referral money, access to Unest crypto, and accessible customer support.
Who is Unest best suited for according to the review?
-Unest is best suited for parents or guardians who want to save and invest money for their child's future but do not have extensive knowledge about investing, as Unest simplifies the investment process.
What are some of the cons mentioned about Unest in the review?
-Some cons of Unest include the $4.99 monthly fee, limited investment portfolio options, and the requirement to invest at least $25 a month.
Outlines
💼 Unest App Review: Investing in Your Child's Future
The video script introduces the Unest app, a financial tool designed to help families save for their children's future through UTMA (Uniform Transfers to Minors Act) accounts. The narrator explains the app's purpose, how it operates, and its benefits and drawbacks. Unest allows users to invest in a range of funds provided by Vanguard, offering a selection from conservative to risky portfolios. The script also compares UTMA accounts to 529 plans, noting that while 529 plans have better tax implications, UTMA accounts offer more flexibility in how the funds can be used. The minimum monthly contribution is set at $25, with no option to pause contributions, and the app facilitates easy additional deposits and gift sharing. The narrator also mentions Unest's partnership with various companies for earning rewards and the referral program for account funding.
🔑 Key Features and Considerations of Unest App
This paragraph delves into the specifics of using the Unest app, including its fees, ease of use, and investment options. The narrator expresses concerns about the $4.99 monthly fee and the processing fee for gift contributions, which they find relatively high compared to competitors. The app's user-friendly interface is praised, as is its compatibility with both iOS and Android devices. The use of Vanguard for investments ensures low-cost options and security. The rewards program and referral bonuses are highlighted as positive features. The narrator also discusses the pros and cons of Unest, noting its suitability for parents or guardians who wish to invest in their child's future with minimal investment knowledge. The app's limitations include a lack of investment portfolio options and the mandatory minimum monthly investment. The video concludes with a recommendation for those who may find Unest fitting their needs and an invitation to download the app for further exploration.
Mindmap
Keywords
💡Unest App
💡UTMA Account
💡Vanguard
💡529 Plan
💡Minimum Monthly Contribution
💡Automated Contributions
💡Gifts from Others
💡Unest Rewards
💡Referral Program
💡Fees
💡Ease of Use
Highlights
Unest is an app designed to help families save for their kids' future, specifically through UTMA accounts.
UTMA stands for Uniform Transfers to Minors Act, allowing custodial accounts until the child reaches adulthood.
Unest offers investment options in various funds, including stocks, bonds, ETFs, and mutual funds, managed by Vanguard.
Unest provides a choice between nine different funds, ranging from conservative to risky portfolios.
UTMA accounts offer more flexibility than 529 plans, which are restricted to educational expenses only.
Unest requires a minimum monthly contribution of $25, with no option to pause or stop contributions.
Users can receive gifts for their Unest account from others for occasions like birthdays and holidays.
Unest partners with companies to offer rewards that can be funded into the account through shopping or signups.
Referring friends and family to Unest can result in a kickback towards the user's account.
Unest charges a $4.99 monthly fee, which some users may find high compared to competitors.
Gifts to Unest accounts incur a processing fee of 35% plus $0.99 per transaction for the giver.
The app is available on iOS and Google Play, offering an easy-to-use interface for all mobile devices.
Unest uses Vanguard for investments, ensuring security and low-cost expense ratio options.
Users can earn rewards and referral bonuses by sharing the app and using Unest's partnered services.
Unest is best suited for parents or guardians who want a simple, hands-off approach to investing for their child's future.
Unest offers a minimum investment requirement which may be seen as a positive habit but also a limitation.
The app provides accessible customer support, enhancing the user experience.
Transcripts
if you're looking for an easy way
towards securing your child's financial
future you've come to the right place
because I've got a pretty cool app to
review for you today in this video I'll
be reviewing the unest app including
what it is how it works the pros and the
cons and who unest is best for stay
tuned to find out
[Music]
more thank you so much for checking out
this video and more specifically this
review on the app unest if you're new
here this is the modest wallet where
where money is made simple so if that
does sound interesting to you please go
ahead subscribe so that you never miss
another video anyway let's get into the
reason why you're here unest what
exactly is it unes is an app designed to
help families save for their kids'
future more specifically it's an app
that allows individuals to open an utma
account for a beneficiary now unes was
created to help parents invest
in their child's future conveniently
from their mobile device but let's
backtrack a bit because maybe you're
unsure what we're really talking about
when we say an utma account utma or utma
stands for uniform transfers to minor
act yeah I didn't know what that was
either the best way to think about these
accounts are they are just standard
brokerage accounts except they are
custodial so the parent or the guardian
is on the account as well until the
child is no longer a minor in which the
account will be fully transferred to the
minor who would now be an adult now
inside this account you can invest in
basically anything from stocks bonds
ETFs mutual funds and the list goes on
Unice will take care of this part for
you with the option to choose between
nine different funds raging from a more
conservative to a more risky portfolio
and portfolio options are from Vanguard
which is definitely comforting as
Vanguard has been an incredibly trusted
and low fee brokerage continuing to
discuss upmost before we go ahead and
move on let me just hit on the
difference between saving with an utma
compared to the 529 that you might be
more familiar with with the 529 the
money save can only be used for
educational expenses without incurring a
penalty money saved with the utma can be
used for a life event such as maybe a
wedding a first house or other events
including education if they choose to do
so the only thing I will mention is that
the tax implications are much better
with a 529 but the flexibility of how
you can use the money is much better
with an utma did I confuse you yet I can
definitely go further in detail in
another video about that so let me know
in the comments below if you'd like me
to do that back to Unice how do you sign
up first you're going to download the
unest app you can actually open your
account in a matter of minutes you'll
just need your legal name the date of
birth your social security number the
address of residency and US citizenship
or legal residency info for both
yourself and the minor and secondly
you're going to want to determine what
your monthly contribution will be the
minimum monthly contribution is
$25 you cannot pause or stop
contributions contributions are
automated either by monthly or bonly to
allow for a rather easy investing
environment you are also able to make
additional deposits as desired and we
will definitely talk more about this
later in this video so now that you are
all signed up I'll leave a link in the
description for you to do so if you are
interested but let's talk about how does
unest work once you have an account
opened up which would be done by the
parent or Guardian on behalf of the
beneficiary or minor there are a few
ways to then fund this account first
let's talk about the most obvious which
is through onetime or ongoing deposits
after setting up a unist account and
picking a portfolio that matches your
investment strategy you can fund your
account with a onetime with a onetime or
ongoing deposit that means that the
custodian usually apparent contributes
money that will go to the beneficiary
when they reach adulthood secondly you
can receive gifts from others if you
have grandparents or maybe other family
you can easily share your child's unest
account link by clicking on the link
other adults can contribute money for
birthdays holidays or other occasions it
is really quite simple the only thing is
that a processing fee will be applied
from The Gift Giver and the third way
that you can get money into your account
is because unes teamed up with many
different companies that allow you to
earn unest rewards by shopping or
signing up in the unest app now the
unest rewards Partners include companies
like Nike 1-800 Flowers Disney plus and
even door Dash among many others and
then once you've done that those rewards
can then be funded into your account
finally the last way to fund your
account is through referring friends and
family to the app when they sign up and
fund an account you will get a kickback
towards your account so definitely
another nice option for you all right
I'm going pretty fast here but I want to
keep moving so let's go over a few key
features or things to note about unest
first fees this is a major area about
unes that I'm not a fan of so what do I
mean for starters you're required to
invest at least $25 a month which is a
healthy habit so I'm not going to
complain about that and not exactly a
fee but I also just don't like that it's
a requirement the big what I would call
problem is the $4.99 a month fee that
they charge now I get it they need to
make money and they make Investing For
Your Child's future
you know very simple but $4.99 seems
like a lot especially when there are
plenty of other options or competitors
that do not have fees like that finally
they have what they call a processing
fee which they are very transparent
about but it's for someone who is going
to be giving money to the account so the
Gift Giver so as I mentioned the
processing fee is for the Gift Giver and
this fee comes in at
35% plus a 9 9 C per transaction fee the
next feature of unest is the ease of use
you can find the app on iOS as well as
Google play so if you have an iPhone or
really any other you know really any
other mobile device you more than likely
can download unest now the app does
appear to be very basic and easy to use
and the ability to share the link for
others to contribute or gift funds is
super easy that even those individuals
who are less techsavvy can definitely do
it next another feature is that unes
uses Vanguard for their Investments and
what this does is that it ensures that
your Investments are secure and safe as
well as giving you those lowcost expense
ratio options with their funds which I
definitely like now another feature as I
did mention already are the rewards and
we said that by purchasing various
products and services with a company
that has partnered with unest you can
earn cash that goes into the
beneficiaries account what you can also
do is you can share the app with others
and earn $15 and actually might even be
more than that of a reward when they
sign up so let's recap the pros and cons
of unest first the pros the app is very
easy to use the app is 100% passively
managed the ability to earn uness
rewards and referral money is definitely
a positive or a pro continuing with the
pros of unes it is definitely a
reputable brokerage with Vanguard they
use there's access to unes crypto which
is another option another Pro there's
very accessible customer support and
those round out the pros so let's now
talk about the cons uh when it comes to
the cons the $4.99 a month fee or
$39.99 annually is definitely something
that I do not like another con is the
limited Investment Portfolio options
because you are limited to those nine
different options that we mentioned and
there is only an upud option so
obviously another way that it's limited
the minimum investment of $25 a month is
our last con so you are required to
invest at least $25 a month and remember
this is good because you want to get
used to investing regularly monthly but
I just don't like that it's required
that you do that all right so now that
I've broken down the different pros and
cons of the app who is unest best for
through my research unest is best for
the parent or Guardian who wants to save
an invest money for their child's future
but doesn't really know a ton about
investing unes does do a lot of the leg
work and makes investing for a child's
future very simple although I think this
monthly fee is a tad bit High it may be
worth it because the user can be
completely hands off if that is what
they'd like to be thank you so much for
checking out this review on unes if you
did find Value in it we would definitely
appreciate it if You' smash that like
button for the YouTube algorithm as I
have already mentioned unes is not for
everyone but if you think it may suit
your needs we have a link in the
description that will take you directly
to their site to download the app and
sign up thanks again so much for
watching and I'll see you in the next
[Music]
video
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