When can I withdraw money from a Loved account?

The adult, or "custodian", managing a Loved account on behalf of a minor can withdraw money at any time if that money is being used for something that is to benefit the minor. The money cannot be taken and used for yourself as the adult - it belongs to the minor and the adult is required to manage it until the minor reaches the age of majority or use it for the benefit of the minor.

The money could be used on anything for the child's benefit whether it's education, new hobbies or activities, travel, a car or perhaps seed capital for a small business.

If you are the beneficiary of the custodial account, you can transfer the account into your own individual account or a retirement account once you legally become an adult at the age of majority - which is 18 or 21 depending on the particular state in which the custodial account was setup for.