Minor accounts refer to financial accounts held by individuals under the age of 18. These accounts are typically managed by a parent or guardian, who has the authority to oversee transactions and make decisions on behalf of the minor. They often come with restrictions to ensure the funds are used appropriately, such as limitations on withdrawals. These accounts can help teach young people about money management and saving. Many banks offer special features for minor accounts, such as lower fees or educational resources, to encourage financial literacy. Examples of minor accounts include custodial accounts and youth savings accounts.