You may have misunderstood me. I'm surprised the bank wouldn't place the savings account within a Roth IRA. I wouldn't expect that they would let you invest the $300. You could then continue to contribute any future modeling income into this account until it grew large enough to move it to an investment account at another custodian.That's what I did when my kids started earning money. At first, it was small amounts, so we just opened Roth IRAs for each of them at the local credit union, and kept their money in a savings account inside the Roth. Once they each reached $1000, we moved their savings accounts to a money market account, again still within the IRA. When they reached the minimum to open a brokerage account (I think it was $2500 at Vanguard at the time), we did a custodian to custodian transfer and moved their Roths to Vanguard where they are today.Roth IRAs don't have to be invested in stocks, so the OP might just have to start with putting the savings account into the Roth, and making contributions to that. And if the baby has already had modeling jobs, perhaps there will be more of those in the coming years, and that money could be added to the Roth.
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