"At age 18, without any contribution, the account possibly can have $6000. "

Nonsense. That's over 10% per year, compounded. And you're completely ignoring where these monies will ultimately go: bank fees. Even a measly $25/year takes ONE FOURTH of your expected growth.

I LITERALLY had to warn my clients about these accounts, which have been widely panned across the financial world. Why? They're not even as good as 529 plans:

$5000 per year cap, vs. unlimited caps on 529 plans
Not deductible, vs. deductible on the state level
Index funds only, vs. a half-dozen choices
Untouchable before 18, vs. can be tapped for school expenses
Turns into taxable IRA, vs. can be turned into a Roth IRA
Accounting nightmare, vs. easy rules

OF COURSE Jamie Dimon is in favor!

" It's a "savings account" for your kid(s) that works as a Roth account."

Actually, at age 18 it becomes a Traditional IRA, not a Roth.

But in reality, for most folks the balance will go for account fees. I've literally had to warn clients against this manure. It's not even as good as a 529 Plan.

But because the contributions are NOT deductible, and every withdrawal will include both gains and ROI, the accounts will become a bookkeeping nightmare.