Q. What is a custodial account?
A custodial account allows a parent, guardian, or other family members/friends to open an investing account for a minor*. 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,…
Q. What type of custodial account does Stash offer?
Stash offers Custodial Accounts that are called UTMAs (Uniform Transfer to Minors Act) and UGMAs (Uniform Gift to Minors Act) as allowed by state law. How is the account type determined? The account type (UTMA or UGMA) is decided by which state the person opening the account (AKA the Custodian) resides in.…
Q. Are Custodial accounts protected from creditors?
In the event of a bank failure or takeover, custodial accounts are FDIC insured. This means that if anything happens to Stash, our custodian Apex, or the wider banking system, your custodial account is safe from creditors. A custodial account is a kind of irrevocable trust.…
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