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It's important to save for your child's future, but what if you're not sure what that future holds? You want your child to have opportunities beyond just education, and what if they get a scholarship, what if they don't plan on attending college, or what if they want to take a year off? FORUM's Sprout Account is the perfect place to watch your child's savings grow for whatever the need.
To open a Sprout Account, you will need to have two forms of identification for the child (ie. birth certificate, social security card), as well as your personal identification for proof of guardianship.
*One account per child. Child is the account owner. Matching contribution is paid out on the last day of the year, December 31, for deposits made in the current year. Penalty for early withdrawal of 10% of the lifetime interest earned on the account and any matched funds. The following distributions are exceptions to the 10% penalty: the account owner has a disability; first-time auto purchase; tuition, fees, books, supplies, and equipment required for enrollment or attendance at an educational institution. Expenses and purchases must be incurred for the child named on the account.
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