When can you withdraw money from a custodial account?
As the custodian, you can withdraw money from a custodial account if you need to use it to pay for something that will benefit the minor. You can’t take the money back yourself, or give it to someone else. Some examples of eligible expenses include college or high school tuition, extracurricular activities, sports or music classes, etc.
Please note that this differs from 529 and Coverdell plans. With 529 plans, you can only withdraw for eligible higher education expenses. In the case of Coverdell plans, withdrawals can only be made for the purposes of K-12 and higher education expenses.
If you are the beneficiary of the custodial account, you can withdraw funds once you legally become an adult.
Need to use some custodial money for a young person? Contact Support and they’ll help you get started with a withdrawal.
DISCLOSURES
The adult (or Custodian) who opens the account can manage the money and investments until the minor reaches the “age of majority.” That age is usually 18 or 21, depending on the Custodian’s state. The money in a custodial account is the property of the minor. Money in a custodial account can be used by the parent or legal guardian, but only to do things that benefit the child.
Related questions View all Custodial
-
Q. How do I close my Stash Beginner subscription?
We’ll be sorry to see you go! You can close your subscription at any time in the app or online at Stash.com. See below to get started. Before you close your subscription, please keep the following things in mind: If you close your subscription,…
-
Q. How do I close my Stash Growth subscription?
We’ll be sorry to see you go! You can close your subscription at any time in the app or online at Stash.com. See below to get started. Ⓡ To start, please complete the following steps: Make sure your external bank is linked.…
-
Q. How do I close my Stash+ subscription?
We’ll be sorry to see you go! You can close your subscription at any time in the app or online at Stash.com. See below to get started. To start, please complete the following steps: Make sure your external bank is linked.…
Didn’t find your question?
Tell us what you’re looking for, and we’ll search for resources that could help.
Ask your question