A Custodial Account is a savings account set up and administered by an adult for a minor. It is an account where the minor gets all the money that is deposited. It usually has a minimum balance set by the custodian of the minor, but it can also be a savings account that the minor can put money into.This is one of the basic ways that you can teach children about the importance of saving. It's also a tangible way you can show them the benefits of saving. This will highlight the importance of saving and offer some tips for parents looking to set up a custodial account for their child.