Depending on any updates since this video was made, you more than likely need both. When they say "custodian" that's the parent. And "minor" that is for the child
When I was younger my grandmother set up a parental account for me, now that I am 18 I am old enough to have my own, but it won’t let me because it linked to her account. Do you know how I can open one?
Depending on your state, 18-21 years old would be the "age of majority" meaning the custodial account is legally yours. Have you spoken to Grandma about it? You can also contact Ally directly about this (come ready with your account numbers and/or social security information). You can open a new account directly on the Ally website. Since you're an adult, you don't need a custodial account anymore. Best wishes in building wealth!
@@MarriageKidsandMoney yeah I talk to my grandmother and she tried to close the account and then I tried opening account with them, but won’t let me since my stuff’s already linked to her account, and we tried calling them It’s also a little weirdo my grandmother is in Arizona, and I live in South Carolina, so I don’t know how effect state laws I am going to continue contacting them and try to figure it out
How about setting up accounts for multiple kids? Do they have to be separated? With different logins or can I open them all under the same custodial account?
and under one login, the accounts all are correlated with separate children ? so that they can have the ability to take it over at some point ? id be interested in how you set that up.@@MarriageKidsandMoney
It’s convenient for us so we can easily transfer money! How do you enjoy Ally for your everyday checking? I’m thinking of making the switch but I’m nervous about not being able to deposit cash, etc
Are you thinking of opening a kids bank account with Ally?
Thank you! I’m opening an account for my grandson with Ally based on your clear and accurate information.💕
@@gagirlb so glad it was helpful!
Thanks! We are going to work on this today.
Awesome! Best wishes!
Can you explain how the tax forms work when you have your account and also a custodial account, will they be separate forms?
Do we use the child’s ssn or the parent’s,when opening a account for a child?
Depending on any updates since this video was made, you more than likely need both.
When they say "custodian" that's the parent.
And "minor" that is for the child
Andy - it's like we live in parallel universes. We set that up at Ally for our kid last year. $174K left on the mortgage! Cheers, man!
Ha! We’re in each others brains! 🧠
$174k -- keep rockin!
Is there another way so I can open a bank account i am 12
When I was younger my grandmother set up a parental account for me, now that I am 18 I am old enough to have my own, but it won’t let me because it linked to her account. Do you know how I can open one?
Depending on your state, 18-21 years old would be the "age of majority" meaning the custodial account is legally yours.
Have you spoken to Grandma about it? You can also contact Ally directly about this (come ready with your account numbers and/or social security information).
You can open a new account directly on the Ally website. Since you're an adult, you don't need a custodial account anymore.
Best wishes in building wealth!
@@MarriageKidsandMoney yeah I talk to my grandmother and she tried to close the account and then I tried opening account with them, but won’t let me since my stuff’s already linked to her account, and we tried calling them
It’s also a little weirdo my grandmother is in Arizona, and I live in South Carolina, so I don’t know how effect state laws
I am going to continue contacting them and try to figure it out
How about setting up accounts for multiple kids? Do they have to be separated? With different logins or can I open them all under the same custodial account?
Personally, I have them all under one login, but multiple separate accounts. If you'd prefer different logins, you could probably go that route too.
and under one login, the accounts all are correlated with separate children ? so that they can have the ability to take it over at some point ? id be interested in how you set that up.@@MarriageKidsandMoney
how about the kid's age, is there is a limit to that?
I have an ally account but my kids savings are in our local credit union… I should switch them too, so they can get more interest
It’s convenient for us so we can easily transfer money!
How do you enjoy Ally for your everyday checking? I’m thinking of making the switch but I’m nervous about not being able to deposit cash, etc
@@MarriageKidsandMoney I only use Ally for our emergency fund & other sinking funds, not for checking. However my neighbor does and she loves it
@@frugalnfine I'm thinking of making the switch! Thank you!
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