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Where can I open a Custodial Savings Account?

You could open a custodial savings account at a bank, including Ally Bank or a credit union. The money in these accounts is the property of the minor but is managed by the custodian. Read more: How to open an Ally Bank Savings Account online in six steps.

How do I open a savings account with Ally Bank?

Once you are on their main site, click the “Savings” option and choose the “Open New Account” button. Once you indicate if you currently bank with Ally or not, Ally will prompt you to choose the type of account you’d like to open. Choose “Custodial Account” and then indicate if you would like to open one of these account types:

Does ally offer a custodial account?

Additionally, Ally offers a custodial brokerage account. This brokerage account is useful if you are looking to invest money on behalf of your child. Like the savings account, the money doesn’t truly belong to the child until they reach the age of majority (that’s a fancy way to say 18 or 21!) in your state.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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