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Originally Posted by tacobaal
well a trust fund makes the most sence, but he said (before he said he couldent take it out) that he could take money out but he would lose the $200 a year intrest :S i dont know im just confused lol, thanks for the help guys
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Sounds like an educational IRA. A lot of parents and grandparents use those as a trust fund and you have to be pulling the money out for bona fide reasons (education, purchase a house or vehicle) or there will be tax penalties (which would probably amount to the interest earned in the year).
It does make sense that his parents and/or grandparents could have set up a few of those accounts for him, so I wouldn't necessarily assume he is lying.