UTMA Youth Savings Account
A UTMA Share is a custodial savings account that allows funds to be put under a child’s name and tax number, with the added security of having a custodian on the account until the child turns 21 years old. After the child turns 21, the account becomes a Share Savings Account under their name. Youth Savings earn the same interest as a Share Savings.
Youth Savings can be opened at a branch or through the mail for any minor with an accompanying parent or guardian co-owner.
What you need to open a Youth Savings:
- Account application
- A copy of the minor’s social security card
- A copy of a parent or guardian’s ID
- $5 deposit.
*APY = annual percentage yield.