Custodial accounts do not belong to the adult acting as a custodian. The purpose of a custodial account is to establish and protect assets for the benefit of a minor child. The custodial account is actually in the child's name, although it is controlled by an adult custodian until the chil...
We talk quite a bit about M1 Finance here as it’s one of our favorite ways to invest. However, something we haven’t discussed much is the M1 custodial account. This accounts lets you open an account in the name of a family member (usually your child) to give them a head start at...
Just like the retirement account, custodial accounts can grow over time thanks to compounding interest; however, these are not high-yield savings accounts. Features such as Auto-Stash can also help you easily stay on track with automatic transfers at a schedule you can set yourself. ...
They won’t learn the true power of compound interest by sticking their savings into a bank account these days, with interest rates being as minuscule as they are. And you can’t add their savings to your own investment accounts, without tax implications. So, where can one turn? A custod...