Can I set up a savings account for a minor?

First Internet Bank of Indiana does offer options for setting up savings accounts for minors, typically in the form of custodial accounts. These accounts allow an adult to manage the funds on behalf of a minor until they reach a certain age, usually eighteen, at which point the minor gains full control over the account. The adult custodian will handle all transactions and decision-making for the account while the minor is underage. This type of account can be an excellent way to teach a child about saving and financial responsibility. It is important to consider the specific requirements and terms regarding custodial accounts as they may vary. It would be beneficial to explore the relevant section of the First Internet Bank's website for detailed information on account options, including minimum deposit requirements, interest rates, and any fees that may apply. This will ensure you have the most accurate and up-to-date information for making the best decision for the minor's savings needs.