MemoryBank vs. UNest

These two are easy to mix up because both are about long-term money for kids. UNest opens and manages a custodial account (a UTMA/UGMA) for your child, investing it in ETF portfolios. MemoryBank opens nothing: it shows your child the accounts you already have, wherever they are, including a UNest account, and explains what they own.

MemoryBank is

A read-only kids’ investment dashboard. You connect the UTMA, 529, custodial Roth IRA, Trump Account or savings account you already have at your brokerage, state plan or bank. Your child gets their own view of what they own and how it’s growing, with Penny, an AI money mentor, explaining it at their age. Nothing can be bought, sold or spent inside it.

UNest is

A managed custodial investing app for parents. UNest opens a UTMA/UGMA for each child and invests it in one of eight ETF portfolios, from conservative to aggressive, including age-based and socially responsible options. Family and friends can contribute through a gift link, and UNest Rewards adds money from partner-brand purchases. It also offers term life insurance.

Side by side

The main job

MemoryBank

Show kids the real accounts their family already opened, and teach them what they own.

UNest

Open and manage a custodial investment account for each child, for parents.

Who the app is for

MemoryBank

The child, with a parent dashboard behind it. Kids get their own view on a paired device.

UNest

Parents. Families manage accounts in the UNest app or on the web.

Where the money sits

MemoryBank

At your brokerage, 529 plan or bank. MemoryBank never holds, receives or moves money.

UNest

In the UNest custodial account, cleared through Apex Clearing.

How it’s invested

MemoryBank

However you invested it. MemoryBank doesn’t pick investments.

UNest

One of eight managed ETF portfolios you choose and can change.

Accounts it shows

MemoryBank

UTMA/UGMA, 529, custodial Roth IRA, Trump Account, brokerage and savings accounts at 10,000+ institutions through Plaid, including Schwab, Fidelity and Vanguard. Unlinkable accounts can be entered manually.

UNest

UNest custodial accounts. 529s can’t be rolled into UNest.

Gifts from family

MemoryBank

Family members contribute to the child’s real accounts; MemoryBank shows the result.

UNest

Gift links so family and friends contribute directly, plus Rewards from partner brands.

Financial literacy

MemoryBank

Penny answers questions at your child’s age level (5 to 18+), every holding gets a plain-English story, a weekly recap teaches one money word at a time, plus 90+ free parent guides.

UNest

Parent-focused guides and blog content.

Price

MemoryBank

Free to start (up to 3 kids). Starter $6.99/mo (up to 3 kids, 3 linked accounts), Family $9.99/mo (up to 10 kids, 10 linked accounts). About two months free on annual billing.

UNest

$2 a month per child account plus 0.25% a year of the balance. First $300 is fee-free for 12 months. Termination fee up to $25 before the age of majority.

Platforms

MemoryBank

iPhone, Android and any web browser; an always-on frame mode for a wall tablet or TV.

UNest

iPhone, Android and web.

UNest details are as described on UNest's own website and help center in November 2026and can change; confirm current prices and features there before deciding. MemoryBank isn't affiliated with UNest. Sources: UNest pricing, UNest FAQ.

Which one fits your family

Choose UNest if

  • You haven’t opened a custodial account yet and want one opened and invested for you.
  • You want ready-made ETF portfolios rather than picking funds.
  • You want a gift link for grandparents and friends to add money.

Choose MemoryBank if

  • You already have a UTMA, 529, custodial Roth or Trump Account and want your kid to see it.
  • Your kids’ accounts live at different places, and you want one view per child.
  • You want the app to be for your child, explaining their money at their age, not just for you.
  • You’d rather not move existing accounts to a new provider.

They work well together. UNest can be where a custodial account is opened and invested; MemoryBank can show that UNest account next to the 529, savings and any other accounts, in a view built for the child.

Common questions

Is MemoryBank a UNest alternative?
Not directly. UNest opens and manages a custodial account. MemoryBank doesn’t open or hold accounts; it shows your child the accounts you already have, including a UNest account, and explains them at their age.
Can MemoryBank show a UNest account?
MemoryBank connects to 10,000+ institutions through Plaid, and any account that can’t be linked can be entered manually, so a UNest account can sit next to your child’s 529 or savings in one view.
How much does UNest cost compared with MemoryBank?
As of November 2026, UNest charges $2 a month per child account plus 0.25% a year of the balance, with the first $300 fee-free for 12 months. MemoryBank is free to start, with paid plans at $6.99 or $9.99 a month per family. Check each site for current prices.
Does MemoryBank invest my child’s money?
No. MemoryBank never holds, moves or invests money. Your accounts stay wherever they are, and MemoryBank is a read-only view of them.

Related reading: UTMA accounts explained · Best custodial accounts for kids · How family can give to a kid’s investment account

Their money is growing. Let them see it.

Free to start. Connect the accounts you already have and give your kid their own view.

Try MemoryBank freeSee every feature

MemoryBank is not a brokerage. It cannot receive, keep or transfer securities, and it never holds your money.