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Here’s how custodial accounts work.
Once a custodial account has been established, any adult can contribute to it — and once a deposit has been made to an account, it can’t be revoked. Custodial accounts come in two varieties ...
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]
Custodial account (UGMA/UTMA) A custodial account under the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) is another way to invest money for your child’s future ...
The Tenancy Deposit Scheme (TDS) My Deposits; Deposit Protection Service (DPS) The Custodial schemes are free to use and the landlord or letting agents can simply pay the deposit online or over the phone. The money is held in a bank account by the Scheme and transferred directly to the tenant once both parties agree on the total sum of money to ...
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There are companies that will set up a self-directed IRA and act as the custodian for you, often for a hefty fee. ... A certificate of deposit is a low-risk savings account that could earn as much ...
A CD is a deposit account that provides a guaranteed fixed annual percentage yield — or APY — in exchange for locking up your money for a set amount of time, anywhere from three months to five ...