Opening a Minor's Savings Account

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Question:

In Florida, when a minor's account is opened, is the account reported under the minor's social security number or the adult's? This is not a FUTMA account, only a minor's savings account.

Answer:

It would be up to the account holder(s) to designated the primary accountholder for interest reporting purposes. A minor can hold an account in Florida:

655.77 Deposits by minors.
Deposits made by a minor, or made in the minor's name by other than a court-appointed guardian, may be withdrawn by the minor in the absence of an agreement to the contrary made between the institution and the depositor at the time the account is opened. In case of any such agreement, such moneys, until the minor's disabilities are removed, may be withdrawn by the person or persons designated in such agreement.

First published on BankersOnline.com 2/21/11