how to open an bank account for kids that can't be accessed until they're 18 by anyone except to put money in ?
- JohnLv 62 months ago
Almost all banks and financial brokerage firms offer Uniform Gift to Minors Act or Uniform Transfer to Minors Act (UGMA/UTMA) custodial accounts. Such accounts would be exactly what you want, but there is a potential drawback. Since the funds in the account belong to the minor, they count as the child's assets when and if the youngster later applies for financial aid for college. That's something to consider prior to funding the account.
Buy U S savings bonds.
You call the bank and say that's what you want to do.
- ?Lv 53 months ago
A Hunch was totally correct. My wife and I have Custodial Savings Accountants for all of our Grandchildren and it has worked out perfectly.
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- Anonymous3 months ago
Easy. Call some banks.
- A HunchLv 73 months ago
If you are in the US, all custodial accounts allow deposits but no withdrawals for minors unless they have permission or the custodial account holder is present.
Obviously, there is NO ACCOUNT that will not allow any withdrawals. A bank can't hijack money like that.
- TavyLv 73 months ago
Simple, talk to your bank.