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 63 weeks 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.
- SumDudeLv 71 month ago
Buy U S savings bonds.
- AmyLv 71 month ago
You call the bank and say that's what you want to do.
- RickLv 51 month 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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- Anonymous1 month ago
Easy. Call some banks.
- A HunchLv 71 month 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 71 month ago
Simple, talk to your bank.