Minor Accounts

Every optionsXpress Australia custodial account, Coverdell (educational IRA),
or minor traditional or Roth IRA offers a unique way to save for that
special someone.

Types of Minor Accounts

Roth IRAs for Minors
If your child or grandchild has earned income, you may open a Roth IRA in his or her name. Roth IRAs may be particularly good for minors since their taxable income is so low that the tax deduction of a traditional IRA isn't particularly beneficial.

It is important to note that a minor Roth IRA is not for educational purposes, but it can be a great way to help a child start saving for his or her retirement or for a first home purchase.

Minor Accounts

Coverdell Education Savings Account (formerly educational IRAs)
Coverdell Education Savings Accounts may be established for any minor under the age of 18. All earnings in the account accumulate on a tax-deferred basis and can be withdrawn from the account tax-free if used to pay for qualified education expenses.


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1300 781 132


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