Ally Money Market for a minor

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Goldilocks
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Ally Money Market for a minor

Post by Goldilocks »

Has anyone ever opened a Money market account for minor with Ally Bank?

We have Savings and Money Market accounts that are both in a trust at Ally Bank that we are happy with. We need to open a new $700 account for our minor son who needs ATM access . It seems simplest to open a new non-trust custodial Money Market account with us parents as owners and the minor son as the beneficiary. It will interest and an ATM card can be issued to one of us parents and authorized for him to use?

Any advice is appreciated.
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Makefile
Posts: 2012
Joined: Fri Apr 22, 2016 11:03 pm

Re: Ally Money Market for a minor

Post by Makefile »

It would be worth checking whether the 6.17% APY on balances up to $1,000 on savings accounts at Digital Federal Credit Union also applies if they are UTMA.

I had a joint savings account as a minor that included an ATM card in my own name. But this was pre-PATRIOT Act and they might have been sloppier with such things back then.
the_wiki
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Joined: Thu Jul 28, 2022 11:14 am

Re: Ally Money Market for a minor

Post by the_wiki »

The interest on $700 is not really worth consideration. Do the math, it’s like $1.75 a month.

The kid will need a normal checking account sooner or later, so I’d just look for a local credit Union with student checking.
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CAsage
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Re: Ally Money Market for a minor

Post by CAsage »

When our Teen entered middle school (and had occasional need for online purchases and later food/entertainment in High School) we found it far easiest to open a Teen debit account which I could easily fund and oversee. Teen got a debit card in their own name. Also used in High School for auto deposit by first employer. Same account transitioned to adulthood and still works great (employment has improved, now funds all college cash and dining expenses). Find a free one, I am very happy with Alliant CU. Oh, and set the account up with NO overdraft protection - no money, no spend. (Edit to add, a joint MM account at Ally may work the same - I was happier not having too many links due to fraud exposure and this transitioned on it's own).
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invest4
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Joined: Wed Apr 24, 2019 2:19 am

Re: Ally Money Market for a minor

Post by invest4 »

Perhaps consider:

https://www.capitalone.com/bank/checkin ... g-account/

You can also add a savings account.
invest4
Posts: 1240
Joined: Wed Apr 24, 2019 2:19 am

Re: Ally Money Market for a minor

Post by invest4 »

Perhaps consider:

https://www.capitalone.com/bank/checkin ... g-account/

You can also add a savings account.
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