Custodial Account Rules for Bank and Brokerage

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What is a Custodial Account?

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How Does a Custodial Account Work?

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Custodial Account Rules for Adults and Account Owners (Minors)

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The Role of the Custodian

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What Types of Custodial Accounts Are There?

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What Types of Custodial Accounts Are There?

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Swipe Up!

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Custodial Account Rules for Bank and Brokerage

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When it comes to opening and managing a custodial account, there are custodial account rules you should know to keep from running afoul of any rules or regulations.

What is a Custodial Account?

A standard custodial bank account only allows for simple interest earnings while a custodial brokerage account allows for this as well as the ability to invest in assets like stocks, bonds, mutual funds, exchange-traded funds (ETFs) and more.

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How Does a Custodial Account Work?

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Custodial Account Rules for Adults and Account Owners (Minors)

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The Role of the Custodian

Custodian is defined as “the person who manages assets for another” and typically refers to an adult who holds legal responsibility over the account on behalf of the child, usually a parent.

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What Types of Custodial Accounts Are There?

UGMA (Uniform Gifts to Minors Act) accounts are custodial accounts typically set up by parents, guardians, grandparents or other relatives, who then serve as custodian for the child’s account until reaching the age of termination or majority in their particular state.

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What Types of Custodial Accounts Are There?

UTMA (Uniform Transfer to Minors Act) accounts are also custodial accounts set up by parents or other custodians and are not limited to a certain dollar amount each year.

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