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What is Charles Schwab Savings Account
College Savings Accounts are excellent means of saving money for yourself, a family member or a friend for costs related to higher education that include tuition, books, uniforms and other qualified expenses. Schwab offers 529 College Savings Plans, Education Savings Accounts and Custodial Accounts.
529 College Savings Plans are designed for high contribution limits for yourself or someone else and offer immediate tax advantages.
Education Savings Accounts are tax-deferred savings plans to help pay for educational expenses of the named beneficiary from Kindergarten through and including college.
Custodial Accounts allow benefactors to make financial gifts to a minor that can be used for education or any other purpose and the funds in the account are managed on behalf of the minor (until the age of majority) by the Custodian who opened the account, but the assets included in the Custodial Account always belong to the named beneficiary.
Charles Schwab Savings Accounts Conclusion
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