"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!
" letting boys use girls bathrooms that suddenly people cared."
Not boys. Trans women.
Calling them BOYS is proof of transphobia.