Minor children by law cannot open a bank account. This account allows the parent or guardian to set up a custodial or intrust for account for the child. This account is the property of the child, but managed by the parent until the child turns 18.

KEY TAKEWAYS

1. This account helps you to learn to plan ahead, as well as stay focused on goals and priorities.
2. It helps individual to save for their future needs.
3. Shows you how you can grow your money.