Meaning of “custodial account” in the English Dictionary

business-english dictionary

"custodial account" in Business English

See all translations

custodial accountnoun [ C ]

uk us

US BANKING a bank or investment account that is set up and managed for someone else, for example, by a child's parents:

The law permits you to use the money in a custodial account as long as it's on your child's behalf.

(Definition of “custodial account” from the Cambridge Business English Dictionary © Cambridge University Press)