Step 1:  Select a brokerage firm (i.e., a company that offers investment accounts) or any financial institution.

When possible, it may be best to use the same brokerage firm as your parents. You are also free to open a custodial account with any financial institution that offers such accounts. Students that are unable to open a brokerage account can use a Savings, Checking, or any other account that they have access to. 

We recommend calling a customer service representative or visiting a branch to learn more about the types of bank accounts.  All financial institutions have customer service representatives and apps that can assist you in the decision-making process.  Many also have physical branches that you can visit to open an account.

Step 2:  Open a “custodial account” at a brokerage firm with a trusted adult or any other account.

A custodial account is an account established with a brokerage firm for a minor (you) by a trusted adult —parent, grandparent, aunt, uncle, family friend, etc. The account becomes completely yours between the age of 18 and 21 years old, depending on the state you live in. There are two different kinds of custodial accounts: Custodial brokerages and IRA accounts. Each has different rules and features. As you have learned throughout your involvement with YIS, you should do your homework and determine with your parent or guardian which type of account is best for you.

If you are 18 or older, you can open a regular brokerage account on your own.

Students who are unable to open a custodial account, may open a Savings, Checking, or any other bank account to be used for the Dollar-A-Day Challenge.

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

Participants must be registered YIS Students: https://yis.org/yiscourse/register-as

Students must watch/review the 6 YIS Personal Finance Lessons: https://yis.org/videos/

Students must have an account at any financial institution and actively saving/investing.

Students must complete the Dollar-A-Day Challenge Quiz (Please use complete First Name & Last Initial in Kahoot)

Kahoot Quiz: https://kahoot.it/challenge/09682598?challenge-id=bad873be-eb77-4eaf-a3c8-8e066f134304_1743522399687

Students must apply for the Dollar-A-Day Challenge after completing the Quiz.

Students must have access to a PayPal or Zelle account in order to receive scholarship funds.