Flyte is restricted to US citizens and Green cardholders only. 
You can express your interest to have Flyte in other countries by emailing the Founders at <a href="mailto:founders@loved.com" target="_blank" class="intercom-content-link">founders@loved.com</a>

Where is Flyte available? What if I'm outside the US?

Flyte is a financial platform for you to invest for yourself and your loved ones. You can buy stocks and save for big goals like college, a home, and retirement. You can set Auto-Investments to save money automatically as you and they grow. 
Setting up just $5 per week can make a huge difference by the time they are 18 or older. You can invest towards their Dreams and their Desires explained below.
Best of all with no brokerage fees and fractional shares, you can invest as little as $1 at a time.

What is Flyte?

Flyte makes investing for your kids accessible.
To get started, all you need is $1 for an initial investment. You can invest that into any of the 1000+ companies and ETFs, or put it towards your savings goals.
To get the best results, set your investments up to repeat because when you invest often, growth compounds and opportunities unlock. 
You can repeat investments weekly, biweekly, or monthly.

What do I need to invest to get started?

Flyte offers its client UTMA (uniform transfer to minors act) custodial accounts which provide increased flexibility versus UGMA (uniform gift to minors accounts) custodial accounts.

What type of custodial accounts does Flyte offer?

Money and securities in your Flyte account are held with Apex Clearing, an independent custodian, and are protected with bank-level security. 
Irrespective of our operation, your securities are maintained independently with up to $500,000 insurance (includes $250,000 for cash).

How are securities in my Flyte account protected?

No, Flyte does not check or alter your credit rating in any way. 
We use your social security number simply for the purpose of verifying your identity, to know that you are who you say you are.

Will you check my credit rating?

Less than 20% of parents use college saving plans and it’s not surprising - most parents faces glaze over when you mention 5 - 2 - 9.
We did a lot of research and it told us parents want to be more engaged around their kids’ future, they’d like to have their kids involved too and they’d hope their kids could learn lessons for their future whilst doing so.
This isn’t a complex trading platform nor is it a set-and-forget college fund. Parents get the flexibility to invest with a portfolio designed around their child.
With Flyte you can invest in your kids' dreams. Buying stocks and saving into funds for college, a home or retirement, you can set investments to repeat to make the most of the time they have before becoming adults. Setting up just $5 per week can make a huge difference by the time they are 18 or older.
Best of all with no brokerage fees and fractional shares, you can invest as little as $1 at a time.

What makes Flyte different?

We let parents, relatives, or any adult open a custodial investment account for someone under 18.
They are great because they can be set up easily, they provide flexibility to invest in many different ways while letting you use the money how you see fit, so long as it is benefitting the child.
The adult remains in control of the account until age 18 or 21 depending on the state when they can then access it, should they request.
You can make withdrawals at any time so long as it is used for the child’s benefit.

What accounts does Flyte use?

Flyte is a Registered Investment Advisor with the Securities Exchange Commission (SEC). We have a legal fiduciary responsibility to always act in your best interests. The securities and cash in your investment account are held with Apex Clearing Corporation, a registered broker-dealer and custodian, where they are SIPC insured up to $500k (includes $250k of cash).
More information about Flyte can be found at the Securities Exchange Commission's Advisor Info page <a href="https://adviserinfo.sec.gov/firm/summary/289171" target="_blank" class="intercom-content-link">here</a>.

Is Flyte regulated?

You are free to withdraw from Flyte as you need. There are no fees in relation to withdrawals. As a custodian for your child, you are legally responsible to use your balance to the benefit of your child.

Can I withdraw at any time?

Custodial accounts allow parents, relatives, or any adult to open an investing account for someone under 18.
They are great because they can be set up easily, they provide flexibility to invest in many different ways while letting you use the money how you see fit, so long as it is benefitting the child.
The adult remains in control of the account until age 18 or 21 depending on the state when they can then access it, should they request.
You can make withdrawals at any time so long as it is used for the child’s benefit.

What are custodial accounts?

A custodial account can be created by downloading and signing up via the app. You will be guided through the short 2-minute process and will need a few pieces of information: From the adult account custodian
<ol>
<li>
Full legal name
</li>
<li>
Date of birth
</li>
<li>
Address
</li>
<li>
Phone
</li>
<li>
Social security number
</li>
</ol> From the under 18 account beneficiary
<ol>
<li>
Full legal name
</li>
<li>
Date of birth
</li>
<li>
Social security number
</li>
</ol>If you require assistance, please <a href="mailto:support@loved.com" target="_blank" class="intercom-content-link">contact support</a>.

Opening a custodial account

About Flyte

General

At Flyte, we take the security of you and your family's personal information extremely seriously. 
We use your and your kid's social security numbers for identification and it is not used for credit checks. The identification that we perform is required by law to properly verify and record identification on you and your family, protecting your accounts.
We do not allow accounts to be opened without Social Security Numbers, or using an ITIN.

Why does Flyte need my social security number?

With Flyte, you can start investing for your kids in two minutes with as little as $1.
You can get started with Flyte by searching Flyte in the <a href="https://apps.apple.com/app/loved-start-kids-investing/id1274368588" target="_blank" class="intercom-content-link">Apple App Store</a> or <a href="https://play.google.com/store/apps/details?id=com.lovedwealth" target="_blank" class="intercom-content-link">Google Play</a>, 
To open a Flyte investing account as a minor, you will need an adult (like a parent or guardian) to complete the process on your behalf. 
Once you have the app, you'll need to follow the steps, keeping in mind to create an account for a minor you'll need to be an adult yourself. You'll need your and their legal name, dates of birth, and social security numbers so that we can verify you are who you say you are. You will both need to be US citizens or permanent residents as well.

How do I get started?

Getting Started

With Flyte you can own a fraction of a stock and still get paid dividends on it.
That stock may pay a dividend that you are entitled to receive because you are a shareholder of the company - it doesn't matter if you own $1 of the company, or the whole company, your rights as a shareholder are to receive dividends reflecting your share ownership.
Example 
Stock ABC has a market price of $1,000 and pays a $10 annual dividend. You buy $100 of Stock ABC and because you own 0.1 shares you are entitled to dividends of 0.1 x $10 = $1 per year.

How do fractional dividends work?

Dollar-cost averaging is buying small amounts of shares often over time, rather than buying a lot at once. It is good because it encourages you to invest often, to build assets over time, and because the price you purchase at is averaged over time (dollar-cost averaging), reducing the impact of market fluctuations.

What is dollar cost averaging?

An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds, and trades close to its net asset value over the course of the trading day. Most ETFs track an index, such as a stock index or bond index. ETFs can be attractive as investments because of their low costs, tax efficiency, and stock-like features.

What is an ETF?

With Flyte, we empower parents to invest for their kids with just $1. This is enabled because we use fractional investing, allowing you to invest in otherwise expensive stocks like Berkshire Hathaway with as little as $1. We do this by dividing the share up into pieces, so you can 0.0001% of a share, depending on how much you contribute. 
This is a great way to invest because it encourages you to invest often, to build assets over time and because the price you purchase at is averaged over time (dollar-cost averaging), reducing the impact of market fluctuations.

What is a fractional share?

Flyte is a long-term investing app and not a trading app. 
We encourage you to invest regularly such that you are taking advantage of a child's time to maturity, rather than trying to time the market. Investing regularly means you are buying at low and high prices, and achieving a dollar-cost average. Dollar-cost averaging and is great to take advantage of the general principle that markets tend to grow over the long term.
After placing your investments, money will be withdrawn once your bank account is linked and when your account is approved. Once this occurs, generally the same day you open your account, your investments will take place. These investments will occur during market hours when you place your order during market hours, otherwise the next trading day. Once your investments are placed you'll see the balances under your Total Balance, under the respective investments, and within your Activity.

When are orders placed with Flyte?

Investments

Flyte will issue your tax information from your accounts in February each year for the calendar year prior and can be viewed by following these steps:
<ol>
<li>
From the home screen, tap the gear icon in the top left corner to go into settings.
</li>
<li>
Scroll down and tap 'Annual Tax Documents'. 
</li>
<li>
Select a tax document.
</li>
</ol>

Will I be given tax documentation?

Flyte account holders can withdraw their balance into a 529 account or spend it for the benefit of their kids at an appropriate time to avoid any financial aid impacts.

Is there any impact on financial aid?

The taxes on your investments will be treated differently depending on whether you are an adult or a minor under the age of 18. For any accounts you hold with taxable activity for the prior tax year, we will make available a tax document on February 18 for the prior tax year.
A taxable activity will take place when you sell an investment, earn dividends of more than $10 or earn interest of more than $10 within a tax year.
For anyone under the age of 18
<ul>
<li>
A child's income from their Flyte account does not need to be declared when their total unearned income for the year is less than $2,200.
</li>
<li>
When a child is earning more than $2,200 in unearned income, they will be taxed at the Estate and Trust Income Tax Rates. These rates start from 10% and more information on children taxes is available from the IRS at <a href="https://www.irs.gov/pub/irs-pdf/i8615.pdf" target="_blank" class="intercom-content-link">https://www.irs.gov/pub/irs-pdf/i8615.pdf</a>
</li>
</ul>For anyone above the age of 18
<ul><li>
You can use the tax forms provided to complete your tax return. 
</li></ul>Please note you should address specific tax questions with a tax professional as we do not provide legal or tax advice.

What taxes will I have to pay?

All ACH transfers (deposits and withdrawals) are free of charge.
Make sure you maintain a sufficient balance in your linked bank account when making transfers to your Flyte account.

Are there bank transfer fees?

Flyte is free investing and banking for under-18s. The below provides information on the various products we offer and their respective charges.

Stock Investing
We do not charge trade fees, brokerage, or subscription charges. 

Crypto Investing
We only charge a small spread in the price to buy or sell cryptocurrencies which allows us to temporarily offer a price prior to you confirming the transaction.

Banking
Out-of-network ATM-fees are passed through to our clients and we do not charge any markup on these fees. We do not charge new card or replacement card fees. 

Money Transfers
All ACH transfers (deposits and withdrawals) are free of charge. Make sure you maintain a sufficient balance in your linked bank account when making transfers to Flyte to avoid your bank from charging you any insufficient funds fees. 

Account and Securities Transfers
If you wanted to move your investments to another platform there is a $75 account transfer charge per account charged by our broker dealer partner, Apex Clearing Corporation.

What will I be charged?

Flyte is completely free for unlimited investing and education, of course, you need to pay for your actual investments, but we don't charge any commissions to make your trades.
Over time, we may offer a range of products that help build your child's financial future, that may come at a cost. You are at no obligation to use these services and we never sell your data.