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Public.com Age Requirement in 2024
Public.com age limit requirement. How old do you have to be to open a brokerage account at Public.com?
Public.com for under 18 years old.
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Minimum Age for Public.com Account
If you are considering opening an investment account at Public.com, you must be at least 18 years old. Investment accounts require signing legal paperwork, which can be done physically or electronically, and this requires you to be a legal adult. Public.com currently does not offer custodial accounts or any other investment accounts for minors.
Workaround
There is a way to invest if you are under 18: the custodial account. This type of account allows an adult (anyone 18 or older) to open an account with a minor (anyone under 18).
There are various types of juvenile brokerage accounts available today, and Charles Schwab offers a wide range of them.
Charles Schwab Website
Open Schwab Account
Minor Accounts
To see the list of minor accounts available at Charles Schwab, visit their website and click on the "Open New Account" link in the upper-right corner.
On the next page, select ‘All Accounts’ -> ‘Education’ -> ‘Custodial Account.’ Here you can browse through all available account types, including those for both legal adults and minors.
To open either type of custodial account online, click on the link and follow the instructions. If you prefer a paper application, click on the link and scroll down to the bottom for a download link.
When filling out the custodial account application, you will need information for both the custodian and the minor, including their Social Security Numbers. Typically, the custodian is a parent or grandparent, but it can be anyone, even someone unrelated to the minor.
The custodian does not have to be the one contributing the funds. The donor provides the funds, while the custodian manages the account.
The custodian must be a living person and cannot be an entity, although the donor can be an entity.
Other minor brokerage accounts have a similar setup, with a minor and a custodian. For example, Charles Schwab offers an Education Savings Account. Unlike custodial accounts, funds in an Education Savings Account must be used for educational expenses by law.
The Education Savings Account has a different tax structure (tax-free if used for education) and can hold assets longer than a custodial account (until the beneficiary is 30, versus 18 to 25 for a custodial account).
Charles Schwab charges no recurring fees for minor brokerage accounts, including annual, low-balance, or inactivity fees. The broker also charges no commissions on trades of stocks and ETFs. Many mutual funds have no transaction fees and no loads.
Custodians unsure about investing can get help from Charles Schwab’s Investment Advisory department, though there is a fee for this service.
Open Charles Schwab Account
Open Schwab Account
Updated on 7/4/2024.
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