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, depending on the Custodian’s state.
What happens when the child reaches the age of majority?
When the minor is old enough, money in a custodial account becomes their property.
The assets deposited into a custodial account cannot be taken back or given to someone else.
Can the money be used to help the child before they are the age of majority?
Money in a custodial account can be used by the parent or legal guardian, but only to do things that benefit the child.
Some examples of uses that benefit a child include:
- Education (preschool, daycare etc.)
- School uniforms
- Activities or lessons (music classes, swimming lessons etc.)
What if I’m not sure if something counts as benefitting the child?
If you’re not sure whether something you would like to use the money for qualifies as benefitting the minor, a financial advisor can help you answer the question.
*The age of a minor varies by state. Some states consider anyone under 18 a minor. Other states consider individuals minors until they are 21.
*To withdraw funds from a custodial account please contact support.
Related questions View all Custodial
Q. Where Can I Find My Stash Invest Account Number?
To find your account number for your Stash Invest (Custodial or Retire) Account: Navigate to the icon in the upper left hand side of your Stash AccountSelect Statement and DocumentsSelect ‘Portfolio Statement’ or ‘Trade Confirmation’ and you will find your account number in upper left hand corner of the statement…2
Q. Why Did My Transfer Into My Stash Banking Account Get Cancelled?
You may have exceeded your 3-day transfer limit—the same amount as your maximum one-time transfer limit. Try entering a smaller amount, or try again the next day. You can find your one-time and 3-day transfer limits for moving funds into your Stash Banking Account by going into transfer flow and checking under the amount field.…0
Q. Can I Fund My Stash Banking Account Using PayPal?
Absolutely. While we don’t currently support linking your PayPal account by signing in, you can send money directly to your Stash banking account from Paypal. Follow these steps to get set up: First, you’ll need your Account & Routing numbers from your Stash banking accountYou can find these by going to the Spend tab and tapping Move MoneyScroll down to Account &…2
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