So you've heard about Halfmore and you're intrigued.
Maybe a friend won't stop talking about it or perhaps you've seen our adorable quarter logo on social media.
Whatever brought you here, we're thrilled you're considering joining the Halfmore family!
Before you dive in, let's answer all those burning questions you have.
👤 Who Can Use Halfmore?
The Short Answer: Most U.S. parents who want to build a brighter financial future for their child!
The Details:
- Eligibility Requirement: The children must be United States citizens or permanent residents with Social Security Number (SSN), and parents must also have SSN for employment.
- State Availability: Currently, Halfmore is available in four states: California, Florida, Texas, and Washington—with plans to expand to additional states in the future.
Parents residing in states where the service is not yet available are encouraged to download the Halfmore app and join the waitlist to help us understand future expansion locations.
🤔 How Does Halfmore Actually Work?
Halfmore is an app that enables parents to employ their children for household tasks, allowing them to open custodial Roth IRAs through established brokerage firms.
We provide the following services:
- Legal employment documentation between parent and child
- Chore tracking with automated timecards
- Proper payroll processing and W-2 generation
- All required tax filings – both state and federal
- Option to open custodial Roth IRA through Fidelity, Charles Schwab, or Vanguard
Please note: We don't manage or hold funds—instead, we provide a secure, compliant platform that automates everything—from employment arrangement to payroll processing to tax reporting. No need for expensive pros!
Setting up is straightforward:
- Family Details: Provide your family and residence information
- Connect Financials: Link bank and brokerage accounts from our compatibility list
- Customize Parameters: Set your child's monthly contribution amount and hourly wage and assign household tasks with their frequency
- Automated Transfers: Our system seamlessly moves funds from your account to your child's joint account to their Roth IRA
Onboarding takes 15 minutes: Think of us as a financial tool that works behind the scenes—accurate, compliant, and always on.
đź’¸ What Does Halfmore Cost?
Subscription:
- Annual: $15.99/month
- 2-Year: $13.99/month
- 5-Year: $11.99/month
Most parents choose the 2- or 5-year plan as Roth IRAs are used for the long-term. The compounding math behind Roth IRAs is undeniable - even modest contributions over the years can grow substantially by retirement age thanks to compound interest!
Special Offers:
- 14-day free trial for all new users
Worth Noting: With built-in compliance and no fund custody, Halfmore helps users skip costly pros, generate child's income, and invest fast.
🏦 Which Banks and Brokerages Work with Halfmore?
Banks:
Most banks offering checking and savings accounts work for the parent's funding source. However, child accounts may differ. Below are suitable and non-suitable joint accounts for direct deposit on our platform.
Suitable Joint Accounts: These accounts are eligible for direct deposit:
| Company | Account Name | Child Age Eligibility |
|---|---|---|
| Capital One (Recommended) | Kids Savings Account | Any age |
| Wells Fargo (Recommended) | Way2Save® Savings | Any age |
| Ally Bank | Savings Account | Any age |
| Chase | Chase High School Checking | Age 13 or above |
| Bank of America | Advantage SafeBalance Banking | Any age |
Non-Suitable Joint Accounts: These accounts are ineligible for direct deposits as they do not accept ACH transfers, which are needed to move funds.
| Company | Account Name | Child Age Eligibility |
|---|---|---|
| Chase | Chase First Banking | Age 6 or above |
| Bank of America | Advantage SafeBalance for Family Banking | Any age |
Brokerage Firms
- Fidelity
- Charles Schwab
- Vanguard
âť“ Common Questions from New Users
Can grandparents use Halfmore for their grandchildren?
No, Halfmore specializes in facilitating household employment between a parent and their child—not a grandparent. The platform is built around the parent-child relationship, and grandparents cannot serve as the employer in this arrangement because of compliance and tax purposes.
Can I use Halfmore to pay my child through my business?
While your child can earn income from both your family business and household work to contribute to a Roth IRA, Halfmore specifically facilitates a household employer-employee relationship between parent and child due to differing tax implications.
Many of our business-owner users enable their children to earn income from both their business and Halfmore, helping them reach the $7,000 Roth IRA contribution limit.
That said, Halfmore only supports payroll services, work history documentation, and tax reporting for household employment income—not business income.
Why do I need to link a child's joint account? Can I just move funds from my funding source to their Roth IRA?
A joint account with the child is essential because it documents that the child has received actual compensation for work performed. This account acts as a paper trail showing that earned income was paid to the child, which is a requirement for making Roth IRA contributions. If you bypass this step and move money directly from your funding source to the child's Roth IRA, it could be classified as a gift—not earned income—which disqualifies it for IRA contributions and may trigger different tax consequences.
🚀 Ready to Get Started?
Download our app on App Store or Google Play to create your account to set your child's Roth IRA in less than 15 minutes.
Remember, the future you will be incredibly grateful to present you for taking this step for your child.
