Open the account of your choice below. 529 college savings plan Learn more Open a 529 account Account controlAdult controls the account for the benefit of the beneficiary (child). Child eligibilityMust have a Social Security number. A beneficiary can be any age. ...
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Joint savings accounts:A joint savings account can be an alternative to using a custodial account. These accounts allow multiple holders. It's a convenient way for more than one person to manage money in the same account. Kid-friendly accounts:Some banks offer accounts specifically for children....
When saving money for children, be sure to do so in a way that achieves your goals. When considering ways to save money for minor children or grandchildren, using a custodial account is the first method that might come to mind. Here are a few tips to help you avoid common custodial acco...
Can you transfer a custodial account to a 529 savings account? Should you? UTMA to 529: Making the Transfer Learn what’s involved in transferring custodial UTMA assets to a 529 account. UTMA to 529: Quest for Control The rules for 529 accounts give strong control to the adult owner. But...
What is a Custodial Account? Thecustodial account definitionin banking is when an adult opens and manages a savings account at afinancial institutionin the name of a minor dependent person. The financial institution can be a bank, credit union, investment firm, orbrokerage account. A minor depen...
It’s important to note that a custodial account could also be set up as a deposits account (for instance, a savings account, certificate of deposit, etc.), which earns interest over time on the balance rather than investing the money in the market. These can be found at FDIC-insured ba...
nouna brokerage firm account that parents have created for a minor Related Words cash account Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc. Want to thank TFD for its existence?Tell a friend about us, add a link to this page, or visitthe...
Invest online with Open a WellsTrade® Account Invest with guidance through Wells Fargo Advisors Compare your options side by side Custodial accounts, known as Uniform Transfer to Minors (UTMA) or Uniform Gift to Minors (UGMA) are different from college savings accounts. Learn more from our com...
The term "custodial account" generally refers to achild's or teen's savings accountat a financial institution, mutualfund company, or brokerage firm managed by one person for the benefit of another. Generally, an adult controls a custodial account for a minor (a person under the age of 18 ...