Start a Custodial Savings account1 with an initial gift and watch it grow. Youth must be under 18 or 21 years of age, depending on state law.
Standard UTMA account features
- Open a Custodial Savings Account with as little as $25
- Free Online Banking Service
- FDIC insured to the maximum amount allowed by law
- Youth doesn't have access to funds until he or she reaches age prescribed by state law
- Interest reported on youth's Social Security number
Flexible UTMA account options
- Monthly statement if you use an ATM or have transfers or a combined statement.
Otherwise, a quarterly statement.
- Easy access at any Bank of America ATM and Banking Center
It's easy to apply online for Custodial Savings Account
Open an UTMA account now
Footnote1This account is a Uniform Transfer/Gifts to Minors Act (UTMA/UGMA) savings account. You agree that this account will be governed by the Uniform Transfer/Gifts to Minors Act of the state where the account is opened. All funds deposited in the account irrevocably become the property of the minor, but are to be managed for the minor's benefit by the custodian until the minor reaches the age of 18 or 21, depending on state law, at which time the custodian is responsible for distributing the funds to the minor. Only one custodian (who must be 21 or older) and one minor are allowed per account. The law imposes certain fiduciary and record keeping obligations on an UTMA/UGMA account custodian and requires that interest earnings are reported to the IRS under the minor's Social Security number. If you are not certain whether an UTMA/UGMA account is the right choice for you, we strongly urge you to first seek professional legal, tax, investment and/or estate planning advice. The offering of Custodial Savings for Youth (UTMA/UGMA) Accounts should not be construed in any way as the providing of legal or tax advice by Bank of America.
Custodial Savings Account for Youths (UTMA) Pricing
The monthly maintenance fee on your UTMA account is waived when you maintain a $300 daily balance.
|
| Minimum Balance |
Monthly Maintenance Fee |
| $300 per day |
None |
| Less than $300 per day |
$5 |
|
|
| Withdrawals |
Excess Withdrawal Fee |
| 3 or fewer per month |
None |
| More than 3 per month if minimum balance less than $2500 |
$3 per withdrawal |
| More than 3 per month if minimum balance is at least $2500 |
None |
|
Interest rates
Interest is compounded and paid monthly.
|
Custodial Savings for Youths |
Interest Rate |
APY
*
|
| All Balances |
0.10% |
0.10% |
It's easy to apply online
Open an UTMA account now
*Annual Percentage Yield
(APY) is accurate as of 11/23/2009. Rates may change at any time
without prior notice, before or after the account is opened. Fees could reduce
earnings on the account. Minimum opening balance is $25.
Important Notice: Federal regulation and our deposit agreement limit the number of withdrawals and/or transfers that may be made from a savings account by telephone, Online Banking transfer, pre-authorized transfer, check or debit card. You are limited to six withdrawals and/or transfers from your savings account each monthly statement cycle by pre-authorized transfer, or telephone transfer, or Online Banking transfer (including bill payments). And, if the account permits transfers by check or debit card, no more than three of the six limited transfers may be by check or debit card.
Online Banking
View the Online Banking demo
Enroll in Online Banking
Other Custodial Savings Account Services
- Name your account(s) to organize your savings efforts
ATMs & Banking Centers
- Access to more than 6,000 Banking Centers coast-to-coast
- No ATM fee access to more than 18,000 ATMs nationwide
It's easy to apply online
Open an UTMA account now
