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Definition: The type of account created for minors that is overseen by an adult custodian. If you are under 18 years old, you need an adult to oversee the account so this is the required account for you to open. Once you turn 18, complete control of the account is handed over to you.
TeenAnalyst Advice: In order to invest, you'll need one of these if you're under 18 years old. They're easy to set up and the custodian doesn't have complete control.For parents out there, remember that once you make a contribution to your kid's custodial account, you cannot take the money back. Once money is placed in the account, it's the child's money.
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