Custodial accounts are membership accounts opened in the name and social security number of a minor, but controlled by a custodian. Until the age of 18, the minor has no access to the funds and only the custodian may deposit to and withdraw from the account. An adult must sign as the custodian. There are no joint members or payees allowed on a Custodial Account.
This is a great account for a grandparent or parent to open to save money for a child’s college education or other long term savings plan!
Contact us at 800.328.1500.