The accounts are like an early investment fund for children. Parents and others may contribute up to $5,000 a year into the accounts until the child turns 18. An employer may contribute up to $2,500 toward the $5,000 cap, and state and local governments and private charities will also be allowed to make contributions.

There will be a tax form used to open an account and enroll in the program before money is deposited.

We might earn a commission if you make a purchase through one of the links. The McClatchy Commerce Content team, which is independent from our newsroom, oversees this content. A checking account is a must-have for your financial toolbox. It helps you ...

Kerri Anne Renzulli is a contributor to Buy Side and finance expert on taxes, retirement and banking. Updated September 9, 2024, 6:34 PM EDT If you want to keep your money safe—and earn something in return—a savings account is a great option.

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A jointly owned business can also have a jointly owned bank account. Most banks support these accounts, but not all. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on ...

James McClenathen is a full-time Managing Editor and Personal Finance Writer at Motley Fool Money, overseeing the production and quality of editorial content while also writing about credit cards, investing, and everyday money management. He has worked at ...