If you would like to set up an account for a minor and want to limit access until the child becomes 21 years old, setting up a Uniform Transfer to Minors Act (UTMA) account can be a good option. While the tax income is reported under the minor's tax identification number, the custodian retains control of the account until the account becomes available to the child once they turn 21. Additional benefits on the account can create a tax-advantaged way to contribute to a minor's savings.
A UTMA account can be set up as a Primary Savings, Money Market, or Certificate Account. Direct Deposit and Payroll Deduction into the account can help you to automate saving for your child's future.
Call us at 888.946.4372 or stop by a Member Service Center near you for more information.