Here’s a scenario: It’s your birthday and you receive a check as a gift. What do you do with it?
Perhaps your best option if you’re under the age of 18 and don’t already have one is to open a savings account, also known as a Custodian Account. A Custodian or Custodial Account is an account created at a bank, brokerage firm or mutual fund company that is managed by an adult for a minor that is under the age of 18 to 21 (depending on state legislation). Although most custodians who manage the bank accounts are parents, guardians, or relatives, the custodian doesn’t have to be related to the child to set one up. READ MORE