I set up separate Roth accounts for the Grandkids (in my name but destined for them). I initially had to backfill but now contribute $365 each January ($1/day). When they begin working and have earned income, I will give them the Roth funds to contribute to their own Roth account.
This will give them a good start and motivate continued savings. Hopefully, they maintain the Roth and appreciate how just $1 a day has grown since their birth.
I'm with Schwab so I put it in
SLYV (small cap value). The original idea came from Paul Merriman,
Make your Kid Rich for $12/day.