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Saving for a Child

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 might 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, at the age of 21, the account becomes available to the child. There are additional benefits to the account which can create a tax-advantaged way to contribute to a minor's savings.

A UTMA account can be set up as Primary Savings, Money Market, or Certificate Account. Direct Deposit and Payroll Deduction into the account can assist you to automate saving for the child's future. Maximize savings for future generations with a UTMA account.

Call 888.946.4372 for more information and to start saving!

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