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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.
The Alliant Kids Savings Account requires an initial deposit of $5, which the credit union will cover for you. The account pays 3.10 percent APY, but it earns no interest if the daily balance ...
Capital One Kids Savings Account. $0. n/a. n/a. 0.30%. GET DETAILS. Alliant Credit Union Kids Savings Account. $5 (Alliant will cover) $100 average daily balance to earn interest. $0 (if you ...
Here’s how custodial accounts work.
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.
The SEED accounts are installed at birth with an initial deposit of $1,000, and accumulates over the span of a lifetime. All the money will be invested in children’s savings accounts for future purposes. [2]
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