minor’s account

  

Definition

A type of savings account that is setup by an adult to be used by a minor. This type of banking account does not provide all of the privileges that a normal account would, but does allow the minor to make withdrawals and deposits. Some banks require that the minor’s account be linked to a primary account, so that the adult can be held accountable for any improper uses of the account. Normal maintenance fees are usually waived until the minor reaches the age of 18.

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