Money hack: Invest for your kids or grandkids for free
Start an investment portfolio for your child and pay no fees for six whole months.
Setting up an investment portfolio for your child or grandchild is a good way to save for their future. Some parents start investing for their kids shortly after they're born and give them access to the portfolio when they're 18 or 21 as a head start towards a house deposit or university fees. Yes, investing in shares and exchange traded funds does come with a higher level of risk than opting for a basic children's savings account, but it also comes with a higher level of reward over the long term.
If you've been on the fence about starting an investment portfolio for your child, we've found a new limited-time offer that might be all the motivation you need to start a portfolio today.
Leading online investment platform Six Park offers five pre-mixed, diversified investment portfolios which are managed on your behalf. It's currently running a special offer which sees all investment management fees waived for six months for anyone who opens a new account for a child before the new year.
Follow these steps to take advantage of the offer.
- Pick your portfolio. Read about the five different investment portfolios offered by Six Park in our review here. The portfolios offer different levels of risk, from low risk to high risk.
- Open an account with Six Park. Click "Go to Site" to be securely redirected to Six Park's site where you can start your online application. You'll need to create the account in your name until your child turns 18 (this is a legal requirement). Enter which portfolio you've chosen to invest in and how much you'd like to deposit into the account (note there's a minimum deposit requirement of $10,000).
- Fund your account. Transfer the money you'd like to invest into your new Six Park account. As soon as you have funded your account and the money is invested, your six-month fee free period begins.