trustee account

/trəˌsti əˌkaʊnt/

Other forms: trustee accounts

Definitions of trustee account

1. noun

   a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary
   synonyms: Totten trust, savings account trust, savings bank trust, trust account

   type of:

   trust

   something (as property) held by one party (the trustee) for the benefit of another (the beneficiary)