Opening a Bank of America Custodial Savings for Youth account has many advantages for parents. First of all it only takes $25 to open an account and it can be managed online for free! An added plus is that it can easily be linked to the Keep the Change program which means even more money will be saved.
But only those who have a Bank of America checking or savings account can open this type of account for a child that is under the age of 18 or 21. (The age requirement varies depending on individual state laws.)
This type of account has many great features such as being insured to the FDIC maximum amount that is allowed by law and the interest is reported to the youth’s Social Security number until they become adults.
What is also great about this type of account is that easy access can be obtained through any Bank of America ATM and Banking Center. Also it is very easy to open a Bank of America Custodial Savings account online for free!
A Bank of America Custodial Savings for Youth account will give parents peace of mind and help kids save money for when they are older and need cash for college, a car, clothes or whatever. What could be cooler than having money when it’s needed the most!