Bank of america custodial account. ) I hereby direct Bank of America, N.
Bank of america custodial account. ) I hereby direct Bank of America, N. If you want to set aside a bank account or a specific portfolio for your child, nothing stops you from doing so. Learn more about Merrill custodial accounts today. Custodial Accounts: provide tax benefits and investment growth but come with limitations like loss of control and financial aid impact. Apr 4, 2024 · A custodial account is an account or investment portfolio that adults can set up on behalf of a legal minor (someone under 18 years of age). Consult your legal counsel if you have questions about your obligations as a custodian. Apr 29, 2025 · Explore the best custodial accounts for kids in June 2025: This guide compares perks, limitations, fees, and more from the top UGMA/UTMA accounts. Sep 22, 2025 · To open a custodial or 529 account, a child of any age and an adult at least 18 apply together. But it only earns 0. A custodial account allows you to invest on behalf of a minor for a college education. Jun 1, 2023 · Bank of America also offers a Custodial (UTMA) Savings Account that gives them control of the account as a gift for when a child reaches maturity (minors cannot access the account until they turn 18). Choose from an account with features that teens and young adults need or select our parent-owned account with guardrails for younger children. May 12, 2021 · The Bank of America Minor Savings account has no monthly fees and a low $25 opening deposit. Learn more about UTMA accounts. Custodial savings accounts can provide income tax benefits on investment income. Open a Bank of America Advantage Savings account online today. . 01% APY. Bank of America Plan/Account (If you do not make a selection, funds received will be credited to the Money Market IRA/CESA. You are permitted to take money out of the account before then, as long as you use it to benefit your child directly—for example, by paying tuition for summer camp, hiring a tutor or contributing toward a first car. The adult acts as custodian and is legally responsible for managing the account. Nov 25, 2024 · A custodial account usually is a savings account set up and managed by an adult for a minor. 00-14-9031M 04-2017 Page 1 of 2 5. Sep 30, 2024 · Savings accounts for kids An alternative to a custodial account is a savings account that’s designed for children under age 18, and there is joint ownership between the parent and child. An UTMA custodial savings account helps parents save for their child's future. , as Successor Custodian, to deposit the funds referenced on this form to my We would like to show you a description here but the site won’t allow us. Learn more about bank account options for students, teens, and young adults. TRADITIONAL INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT DISCLOSURE STATEMENT This Disclosure Statement provides a general description of the features of your Bank of America Traditional Individual Retirement Custodial Account Plan (Traditional IRA Plan). Enjoy the benefits of a savings account to help meet your financial goals. The child’s name goes on the account, the assets belong to them, and can only be used for their benefit. Review fees and requirements for opening a bank account at Bank of America. As the custodian, you agree that Bank of America may take action to restrict the account (including limiting access and transactions), and may also communicate with and accept account instructions from the former minor once the minor reaches the termination age. You have 2 options: Open a true custodial account like an UTMA or UGMA, can only have 1 custodian. It offers more flexibility than a traditional education savings account. The Internal Revenue Code of 1986, as amended (Code) is the basis of the general laws, rules and regulations governing your Traditional IRA Plan. The rules for each vary from state to state for each structure and account. Both accounts come with benefits that make it easy to get started. A. Aug 3, 2025 · If you don't care for either of Bank of America's minor accounts, the Bank's affiliate Merrill Edge offers custodial accounts in UTMA and UGMA formats. These are securities accounts that offer trading in stocks, bonds, mutual funds, and more. You can open a minor account “kids savings account” and have more than one authorized signer in the account. Technically you can use any account as a custodial account by simply earmarking the money. izy9c cqzm edwxc duoc xi8m hyx gtl lg gflho1y zugctf
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