Trump Accounts don't 'rule' child investments, advisor says: How your options compare

Wander Women Collective | Photodisc | Getty Images Starting on July 4, Trump Accounts will offer parents a new option to save and invest for their children's future. It joins the ranks of other types of investment accounts you can already open on behalf of a minor. Rather than consider a Trump Account, also known as a 530A account, as the "one kids' account to rule them all," they are "a tool in the savings toolbox with a specific purpose," said Ben Henry-Moreland, a certified financial planner with advisor platform Kitces.com. For example, families could also consider a 529 college savings plan , a custodial account for minors under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act, also known as UGMA and UTMA , or, once a child earns income, a Roth individual retirement account .