November 27, 2020         
Minister of Justice hosts virtual forum on Diversity on the Bench   •   MCI Diagnostic Opens Dallas Headquarters   •   Frontier Alliance International Announces a Deeper Journey Through the Book of Revelation With a Number of Free Multimedia Resou   •   CTA Releases "What We Heard" report on Phase II of its Accessible Transportation for Persons with Disabilities Regulations   •   Because Apes Are Hairy Too, MANSCAPED™ Supports the San Diego Zoo!   •   Vehicle Retail Sales Decline due to Quirky Sales Calendar; When Adjusted for Selling Days, Retail Sales Stable   •   Enough is Enough: Ontario Engineering Community Committed to Uprooting Systematic Biases   •   Comcast RISE Awards Over 700 Black-Owned, Small Businesses with Marketing and Technology Resources and Makeovers   •   Outstanding Korean Products Introduced at TradeKorea Webpage - Beauty & Fashion   •   Michaels is Calling On #DifferenceMakers to Creatively Spread Holiday Cheer   •   MANSCAPED™ Named Official Sponsor of Bad Boy Mowers Crossover Classic   •   iHeartMedia and Podimo Partner to Translate and Adapt Widely Popular Podcasts For Listeners Globally   •   Papuan Pastor Questions BBC Reports on Indonesian Palm Oil Company Korindo   •   Advancing Equity, Improving Lives: Minister Bardish Chagger Launches LGBTQ2 Survey and Engagement on Federal LGBTQ2 Action Plan   •   Hall of Fame Resort & Entertainment Company Reveals Details of Hall Of Trivia on HQ App   •   New Year Hopes... New Year's Chic at LC Waikiki   •   Outstanding Korean Products Introduced on TradeKorea Webpage - Food & Beverage   •   Majority of Americans Expect to Buy Gifts This Holiday Season Despite Tumultuous Year, but Many Cut From the Gift List According   •   “KISS THE GROUND” Wins Its 25th Film Festival Award to Date   •   Indigenous Land-Based STEM Education - The Classroom of the Future
Bookmark and Share

UNest Launches Investment Account for Parents and Kids, Offering Significant Advantages Over 529 Plans

UNest Launches Investment Account for Parents and Kids, Offering Significant Advantages Over 529 Plans

The UNest Investment Account provides parents with greater flexibility in plan usage than traditional 529s and offers similar tax benefits

PR Newswire

NORTH HOLLYWOOD, Calif., Oct. 28, 2020 /PRNewswire/ -- UNest, the first-of-its-kind mobile app that helps parents invest in their children's future financial wellness, announced the launch of UNest Investment Account, a tax-advantaged custodial account that enables parents to save for more than just their child's education. In addition to funding college and other educational expenses for their children, parents can use the UNest Investment Account to plan for and cover the cost of goals and milestones such as buying a first car, house, or a wedding.

UNest is the first and only savings and investment app to offer multiple types of saving plans to meet the preferences and priorities of parents when planning for their children's future. The UNest Investment Account combines age-based saving plans, free planning tools, and advice and advocacy resources from financial advisers. The UNest Investment Account offers five investment portfolio options depending on the age of the child, the family's unique situation, and their investment profile. Unlike traditional 529 accounts, there are no penalties on early withdrawals from UNest Investment Accounts. Parents can set up their UNest Investment Account in five minutes or less through UNest's award-winning app.  

Traditionally, parents across the income spectrum have had to parse through the multitude of complicated 529 plans offered by each state and by financial institutions to identify the best college savings approach for their children. In addition to complex application processes, 529 plans are often saddled with hidden fees, and subject families to heavy financial penalties when funds are not used for college. Many families are also forced into a savings silo with 529s that fails to reflect their future needs since 529s can only be used for education expenses.

An additional benefit of the UNest Investment Account for Kids is that there is no attachment to the parent's home state. With 529s, parents often wrongly assume that they can only use the plan offered by their home state. This results in parents often selecting a 529 plan that performs poorly, or is misaligned with their family goals. Once they select a 529 plan, parents then typically have to complete an arduous, paper-based application process. These problems are more acute for lower- and mid-income families that cannot call on financial planners to help navigate to the right solution.  

"Our decision to offer The UNest Investment Account for Kids was born out of feedback from our rapidly-growing community of UNest families," said Ksenia Yudina, CEO and Founder of UNest. "Our users often asked us what would happen if their kids do not go to college, or they receive full-ride scholarships or financial aid. Especially during a pandemic, when a lot of education has shifted online and families are worried that the cost of tuition is simply unsustainable, the new type of account with tax advantages and greater flexibility presented an excellent balance for parents."

The launch of the UNest Investment Account is particularly timely with the pandemic leading to many families evaluating and refining their future financial goals. This, plus the fact that parents are increasingly concerned about tuition costs, means that flexibility in how funds are used, and avoidance of potentially costly penalties from early withdrawals, are critical requirements.  

The UNest Investment Account will join UNest's existing 529 solution as part of its product portfolio. UNest has eliminated many of the issues parents faced when selecting and applying for a 529 including dramatically reducing the time and effort required to establish and manage a 529 plan. By offering both 529 plans and the UNest Investment Account, parents of all income levels and backgrounds will have access to a solution that meets both their short and long-term needs. UNest develops investment portfolios using Vanguard funds that are recognized for offering the lowest fees in the industry.

About UNest

UNest's fintech app helps parents save and invest in their children's future. The company's iOS and Android apps have achieved an outstanding level of success since becoming widely available across the United States in February 2020. UNest demystifies the previously complex process of setting up saving plans for education and other important life stages with a paperless approach that takes only five minutes to set up. UNest's team has decades of experience as certified financial advisors, technologists, and entrepreneurs at financial industry leaders including Capital Group, Marqeta, Union Bank, and Acorns. UNest is a fully accredited and registered financial advisor regulated by the SEC.

Learn more at

UNest's Android app is available for download here; iOS app is available here.


Cision View original content to download multimedia:


Back to top
| Back to home page

White House Live Stream
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Sounds Make the News ®
Atlanta - WAOK-Urban
Berkley / San Francisco - KPFA-Progressive
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
Washington - WOL-Urban

Listen to United Natiosns News