CU 2.0 Podcast Episode 165 UNest and Smarter Savings for Children
You know the horror stories – the educational loan burden keeps mounting for many millions and, frankly, the options for lessening that burden are not plentiful.
But there are options. Meet UNest. It’s an app and what it does it help set aside money for a child. It’s flexible too. The underlying law is the Uniform Transfers to Minors Act which allows an adult to set up a tax advantaged savings plan that benefits a minor and the money can be spent on education, but also on a first car or a wedding or many other things.
Who gives also is flexible. Parents of course but also grandparents, other relatives and just plain friends.
Earnings in the account are tax advantaged.
You never heard of the UTMA? Join the club. It is not widely known legislation. But, executed smartly, it can deliver real benefits to a child.
On the podcast to tell us about UNest are Peter Mansfield, CMO, Erin Matta, VP partnerships, and Alison Silverstein, CEO of KidFund, a savings app that recently was acquired by UNest.
Where do credit unions come in? UNest already is working with one credit union to put the UNest app in the hands of members and it is looking for more credit unions to partner with.
Note, too, UNest sees the real power of its app as best serving the middle class and upper middle class – that is, the credit union membership. The app helps with setting savings goals and the ultimate goal is success.
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