Help your child get a head start on their savings and investments by opening a Schwab Custodial IRA.
Open a Custodial IRA today.
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A Custodial IRA is an Individual Retirement Account that a custodian (typically a parent) holds for a minor with an earned income. Once the Custodial IRA is open, all assets are managed by the custodian until the child reaches age 18 (or 21 in some states). All funds in the account belong to the child, allowing them to get started early on saving money. In addition to reaping the benefits of compounded growth, your child may be able to use the funds for future expenses like college tuition or even to buy a first home. You can open either a Custodial Roth IRA or Custodial Traditional IRA, and the respective account benefits and rules apply.
Ready to get your child on the right track toward their future savings? Read on for more account details and what you need to know before opening a Custodial IRA.
Custodial IRAs at a glance:
Advantages of a Custodial IRA
Open an account with a $0 minimum deposit plus get $0 online equity trade commissions3, regardless of your account balance or how often you trade.
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This tax information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, Schwab recommends that you consult with a qualified tax advisor, CPA, financial planner, or investment manager. Depending on the type of account you have, there are different rules for withdrawals, penalties, and distributions. Please understand these before opening your account.
Benefits of a Custodial IRA with Schwab
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Have questions about our Custodial IRA? Here are responses to some of the most common questions we hear. If you have a specific question that's not answered here, please call us at 866-855-5635.
- How do I open an account and how long will it take?
- When can I access my account?
- What types of Custodial IRAs can I open?
- Can a Custodial IRA be transferred to Schwab from another financial institution?
- If I am the custodian of a Custodial IRA, can I transfer the funds to another IRA I own?
- Are there contribution or distribution rules that apply specifically to minors?
- Can the funds held in a Custodial IRA be used to pay for my child's college education?
- When does ownership of the account transfer to my child?
Take the next step
Take the next step
Download a Custodial IRA application, complete, and send it to:
Charles Schwab & Co., Inc.
Attn: IS Document Control
P.O. Box 982600
El Paso, TX 79998-2600
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