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Northwestern Mutual UTMA/UGMA Custodial Account For Kids (2022)


Northwestern Mutual UTMA custodial account opening cost and fees (maintenance, inactivity, management), investments assets options for minors (teenagers and children).



Northwestern Mutual’s Custodial Accounts


Are you looking for a financial institution that offers custodial accounts? If so, you may want to consider Northwestern Mutual. Although the company is better known for its insurance products, it does offer custodial accounts, and these are an effective way to save money for legal minors in a tax-efficient way.


Northwestern Mutual’s Custodial Account


Northwestern Mutual offers an array of financial products, including not just insurance but also financial planning, education funding, and cash management services. One of the accounts it offers is the custodial account.

At Northwestern Mutual, you can trade bonds, certificates of deposit, and mutual funds, including money market funds, inside a custodial account.


Opening a Custodial Account at Northwestern Mutual


Northwestern Mutual does not have an online application for its custodial account. If you want to open an account with this financial institution, you’ll need to find a branch location and open the account there. To find your nearest Northwestern Mutual financial advisor, point your browser to the company’s branch locator tool.


Other Accounts for Legal Minors at Northwestern Mutual


In addition to its custodial account, Northwestern Mutual also offers a 529 plan, which is a great way to save money for higher education expenses while capturing some pretty lucrative tax benefits.

And then there’s the company’s Coverdell Educational Savings Account (ESA). The major advantage of this account is that it can be used to cover expenses at the high school level and below (the 529 is higher education only).


Educational Resources


Northwestern Mutual has a few resources (in the form of videos and articles) that are available online that may be of value to parents or grandparents of minors for whom a custodial account would be established. Examples we found include the following:

- Paying for College: How to Start Saving Early
- Plan for a brighter future
- Financial Moves to Make for Your New Baby


Better Custodial Account


Custodial accounts are of course available at many other financial institutions, and some of these offer benefits that Northwestern Mutual doesn’t provide. For example, you can open a custodial account at TD Ameritrade using the broker’s user-friendly online application, which, as we have already noted, Northwestern Mutual doesn’t offer.

TD Ameritrade offers $0 commission on stocks, ETFs, and $49.95 on all mutual funds. There are no account fees whatsoever. TD Ameritrade has a richer selection of mutual funds, and the best trading and research tools. Learn more...


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About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.