Should You Open A Custodial Account For Your Kid?
- By
Julia Austin
Source: andresr / Getty
It doesn’t have to cost you much
You can really just put a grand or two a year in the custodial account. If you start that early, it can seriously pay off for your child when she becomes an adult. And, know that the minor can also make her own contributions—so if she gets a summer or after-school job, she’s welcome to contribute some of that to the account. You can also receive gifts from generous relatives to the account—in case they’re wondering what to get the child for her birthday.
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