If you have a bank in a foreign country with checking account, savings account and a securities account = a depot for freely tradable stocks and shares, is the latter a deposit account or a custodial account?
Elsewhere in the forum a custodial account was described as "an arrangement for holding a financial instrument, contract or investment ... for the benefit of another person", which seems to describe what the bank is doing for me!?
@Fionja whether it is a Bank or a broker that holds monies for you for sole purpose of investment activities by you or for you , it is a custodial account.
Accounts in a financial institution that you own or have signature authority over are generally non-custodial -- either savings or deposit accounts ( because you do the operating )
Are you trying to fill out the FATCA form or what ?
Is there more I can do for you ?
@Fionja whether it is a Bank or a broker that holds monies for you for sole purpose of investment activities by you or for you , it is a custodial account.
Accounts in a financial institution that you own or have signature authority over are generally non-custodial -- either savings or deposit accounts ( because you do the operating )
Are you trying to fill out the FATCA form or what ?
Is there more I can do for you ?
@pk
I read elsewhere that "custodial account" is for example when you make a bank account for a minor dependent.
That threw me off a bit and made me worried I had wrongly assigned the term to my bank-owned brokerage accounts.
Thank you for confirming so quickly that I did everything right!