HOW

Step 1: Choosing a Brokerage or Financial Institution

To participate, you’ll need to open an account with a brokerage firm (a company that offers investment accounts) or another financial institution.

• Whenever possible, consider using the same brokerage firm as your parents—this can make the process easier.

• You’re also free to open a custodial account with any financial institution that offers them.

• If you’re not able to open a brokerage account, you can use a savings account, checking account, or any other account you already have access to.

💡 Tip: Call a customer service representative or visit a branch to learn more about account options. Most financial institutions also provide apps, online support, and in-person guidance to help you through the process.

Step 2: Open an Account

To participate, you’ll need an account where you can save and invest your money.

For students under 18:
We recommend opening a custodial account with a brokerage firm together with a trusted adult—such as a parent, grandparent, aunt, uncle, or family friend. A custodial account is managed by the adult until you reach the age of majority (between 18–21, depending on your state). At that point, the account becomes fully yours.

There are two main types of custodial accounts:

• Custodial Brokerage Accounts

• Custodial IRA Accounts

Each has different rules and benefits. As you’ve learned in YIS, it’s important to do your homework and work with your parent or guardian to decide which option is best for you.

For students 18 and older:
You can open your own regular brokerage account independently.

If a brokerage account isn’t possible:
You may use a savings account, checking account, or another type of bank account for the Dollar-A-Day Challenge.

Step 3:  Complete all Dollar-A-Day Challenge Requirements

To be eligible for the Dollar-A-Day Challenge Scholarship, students must complete the following:

1. Register as a YIS Student
   👉 Register here

2. Learn the Basics
   📚 Watch or review the 6 YIS Personal Finance Lessons: View lessons

3. Open and Use an Account
   💵 Have an account at a financial institution (savings, checking, or brokerage) and actively save or invest.

4. Take the Dollar-A-Day Challenge Quiz
   ✍️ Complete the quiz on Kahoot (use your full first name & last initial):
   👉 Take the quiz

5. Submit Your Application
   📝 Apply for the Dollar-A-Day Challenge after completing the quiz.

6. Receive Scholarship Funds
   💳 Students must have access to PayPal or Zelle to receive scholarship funds. Students are eligible to receive scholarship funds once per school year.