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A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1]
Here’s how custodial accounts work.
Custodial accounts. A custodial account is an account that parents can set up and manage on their minor child’s behalf, and the child is able to take over the account upon becoming a legal adult ...
A custodian bank, or simply custodian, is a specialized financial institution responsible for providing securities services. It provides post-trade services and solutions for asset owners (e.g. sovereign wealth funds, central banks, insurance companies), asset managers, banks and broker-dealers. It is not engaged in "traditional" commercial or ...
A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts , current accounts or any of several other types of accounts explained below.
529 Plan Custodial vs. Individual Ownership. A 529 plan can be established as a custodial account or an individual account. The way the plan is set up determines who has control over the money in ...
Custodial accounts allow you to manage finances for a child or other minor. Usually these types of accounts are set up by a parent, relative or guardian on behalf of a family member, although this ...
A securities account, sometimes known as a brokerage account, is an account which holds financial assets such as securities on behalf of an investor with a bank, broker or custodian. Investors and traders typically have a securities account with the broker or bank they use to buy and sell securities. [1]