• A deposit account is a savings account created and managed by an adult for a minor.
  • Custodial accounts have tremendous flexibility with no limits on income or contributions, and no penalties for withdrawals.
  • Custodial accounts do not require distribution at any time.
  • Gifts to the custodial account are irrevocable, which means they cannot be adjusted or cancelled.
  • The assets in the account are irretrievably under the control of the minor when he reaches the age of majority, depending on his country of residence.