A custodial account is an account that is opened for investment purposes until the minor reaches adulthood. That means opening an account for a minor and controlling it continuously until it reaches the age of majority. The age of majority means that a child reaches adulthood. It could be 18 or 21 years old. A custodial account means a financial account that opened by parents, legal guardian or another relative. Every guardian wants to ensure their child’s future. The custodial account helps you to build up your child’s future. You can store your assets for your child by this account. When your child becomes an adult, he or she can use these assets. This account secure your child’s future. You will find two types of custodial accounts. Like- Uniform Transfers to Minor Act and Uniform Gift to Minors Act. You can use UTMA or UGMA as your choice. You can open your account easily and ensure the safety of your money.
Best Custodial Account:
Custodial account is very beneficial for us. There are many kinds of custodial accounts. You have to select the best one. This article helps you to give an idea of the best custodial accounts. First Charles Schwab is one of the best custodial accounts. This account gives you service without any fee. You won’t need to give any opening fee or monthly payment. You get this opportunity easily. You can open your account for your child and hold assets in the name of your child.
ID Ameritrade is the another best custodial account. This account offers you free service. You will get three options from these accounts. You can save your assets by using these options. You won’t need to pay the minimum balance to open this account. This account is very useful. It acts as an education savings machine. You can use this account for any marketing purpose. You can get a wide range of services from this account. If you want high-tech trading, ID Ameritrade is the best choice for you. This account helps you to fulfil your purpose.
Ally Bank is a very powerful account. Many people like this account. If you want to learn conservative option to save your money, Ally Bank is the perfect choice for you. This account offers you the best interest rates and you can put your money in the child savings account. This is a great place to save your assets. Ally Bank is an online-based cash deposit. Where you can manage your account by your mobile phone. You never have to worry about the security of your money. FDIC Insurance, help to ensure security.
Stockpile is a unique investment platform and the best custodial account for you. Here you can open your account without any fee. But you have to pay a simple charge to trade. Stockpile offers you gift services. You can control your account by mobile apps. It is very simple and easy to use. If you open your account at Stockpile for your child, other family members will control your accounts if you need. Stockpile help you to get this system.
Vanguard is another popular custodial account. You can not get access to invest in every stock at Vanguard. You have to buy an investment at a reasonable price. Then you get access to a wide range of Vanguard funds. This is a great opportunity for you. It is very low fee funds. The costs don’t stop at the buy and sell commissions when you buy an investment.
At last, we can say that you get a clear concept about the best custodial account. That helps you to open your account for your kid’s future.