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A custodial account usually is a savings account set up and managed by an adult for a minor. It offers more flexibility than a traditional education savings account.
How can a custodial account be used to to help educate a child about saving and investing? With a custodial account, you can explain that the money belongs to the child and that you, as the custodian, are saving and investing for them until they reach adulthood.
The Schwab One ® Custodial Account is a brokerage account that allows you to make a financial gift to a minor and help teach them about investing. It is set up and managed by an adult, and turned over to the child when he or she reaches the age of majority.
A custodial account is savings or an investment account, established with a bank, brokerage firm, or mutual fund company, that’s managed by an adult on behalf of a minor, also known as the beneficiary.
A custodial account is a type of financial account that an adult—such as a parent, grandparent or even a sibling—opens on behalf of a minor child. The custodian is in charge of...
What Is a Custodial Account? A custodial account is a kind of savings account controlled by an adult on behalf of a minor, also known as a beneficiary. This account can be opened through a financial institution, mutual fund company, or brokerage business.
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 account mistakes.
Compare the best custodial accounts. We evaluated account features, fees, and customer experience. Expert rated picks include Charles Schwab, Vanguard, Acorns, and Ally.
Custodial accounts allow adults to give minors cash, securities, real estate, annuities, insurance policies and other assets more easily than setting up a trust. How do custodial accounts work?
Custodial accounts help adults save and invest money on behalf of a child—until the child reaches a certain age when the account must be transferred to them. Money put into a custodial account is an irrevocable gift to the child the account was established for—the custodian must ensure that it is invested and used for the child's benefit.