@TaxGuyBill   Are you authorized to give financial advice to parents who have the choice of opening the account with a bank or some other financial institution?  This is all very confusing to me.  Apparently the money initially goes to BNY Mellon, but must be invested in an index fund at Robinhood. If they don't want to do business with the company named after the Sherwood Forest Socialist, they can move it somewhere else, like Schwab or Fidelity.  But the funds have to be invested in the government's choice of index fund.  (Eventually, more than one fund might be offered.)