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Gifts for minors —
with major advantages

A bank account can be a holiday gift that truly keeps on giving.A bank account can be a holiday gift that truly keeps on giving.


dollar sign in an opened gift box

Holiday shopping for children can sometimes be tricky. While you may be inclined toward traditional “fun” gifts like video games and clothing, you may also want to give a holiday gift with more lasting power.

One solution:

Open a bank account in a child’s name. Granted, some kids may not immediately jump for joy at the prospect, but most will see a bank account as a very cool gift. Consider these advantages — both for you and the recipient.

What type of account in right for you?

As custodian, you have full control of the account until the child comes of age. Until then, you may leave the money untouched, or make withdrawals to cover any expenses that benefit the child — for education as well as things like summer camp, school supplies, travel, and tutoring.

It all adds up.

Few financial moves yield greater rewards than planning for a child’s future — and it’s never too early to start. A bank account can provide a child you love with a first introduction to saving and financial responsibility, and generate benefits that last a lifetime.

While different account types have different benefits and conditions, all share one important advantage: The funds deposited in them grow through the power of compounding and can make a real difference in the life of a child.

And remember: there is no rule against giving a child video games or clothing as well as a bank account. You don’t have to choose.


Selected products ()
Product
APY**
Minimum balances
Available as IRA
Available as Custodial
APY**
Minimum balances
Available as IRA
Available as Custodial