What types of savings accounts are available for minors?

Columbia Bank offers a variety of savings accounts specifically designed for minors, which can be a great opportunity for young individuals to learn about saving and managing money. One of the most common types is the custodial account, where an adult, usually a parent or guardian, maintains control over the account until the minor reaches a certain age. These accounts often have no monthly maintenance fees and may offer a competitive interest rate, allowing the minor to grow their savings effectively. Another option might be a youth savings account tailored to older minors, often intended for teenagers. These accounts typically encourage financial education and offer features that appeal to young savers, such as online banking, mobile app access, and tools for budgeting. They may also have lower or no minimum balance requirements to help ease the initial barrier to entry for young savers. It is also advisable for parents and guardians to review the specific terms and conditions associated with these accounts, as features and benefits may vary. For more detailed information, exploring the current web page dedicated to savings accounts would be beneficial. This can provide the latest offerings and terms that Columbia Bank provides for minor accounts.