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Child Savings Accounts

Minor Savings Account

Savings for now. Help a child build a savings account and learn about banking.
No monthly maintenance fee if the child is under the age of 18. Other fees may apply.
Our financial specialists are ready to help. Visit a financial center to learn more and open an account.

Custodial (UTMA) Savings Account

Savings for later. Deposit funds into a savings account as a gift for when a child reaches maturity.
$XXXX per month

Not sure? Compare child savings accounts

Comparison of Accounts

Minor Savings Account

Custodial (UTMA) Savings Account

Account ownership
Jointly owned by minor and parent/guardian
Parent/guardian acts as custodian for the minor's account
Minor has access to funds before age 18
This feature is supported
This feature is not supported
Ability to make automatic transfers to help build the savings
This feature is supported
This feature is supported
FDIC insured to maximum amount allowed by law
This feature is supported
This feature is supported
Interest Rates
See today's deposit rates
See today's deposit rates
Minimum Opening Deposit
$XXXX
$XXXX
Minimum Daily Balance
$0
$500

Fees and Policies

Monthly Maintenance Fee
No fee if account owner is under the age of 18
At age 18 Minor Savings Account converts to a Rewards Savings Account and applicable fees will apply
$8 monthly fee for $0 with a minimum daily balance of $500
Or pay $XXXX/month
Withdrawal Limit Fee
Total of $XXXX transfers and withdrawals each monthly statement cycle without a Withdrawal Limit Fee
You may be charged a $1.00 fee for each additional transfer and withdrawal you make before your statement cycle ends.
You will be charged no more than $XXXX of these fees each statement cycle.
If you maintain a minimum daily balance of $300 or more in this account, you won't be charged this fee.
Transaction limits apply
Total of $XXXX transfers and withdrawals each monthly statement cycle without a Withdrawal Limit Fee
You may be charged a $XXXX fee for each additional transfer and withdrawal you make before your statement cycle ends.
You will be charged no more than $XXXX of these fees each statement cycle.
If you maintain a minimum daily balance of $XXXX or more in this account, you won't be charged this fee.
Transaction limits apply
Other fees and information

Learn more about rates

Rates

AmountInterest RateAPY
All child savings accounts come with...
FDIC insurance
Balances are insured up to applicable limits. Learn more about FDIC insurance

Why choose Bank of America?

Why choose Bank of America?

Save more

Build your savings automatically with our Keep the Change® savings program

Bank of America
Preferred Rewards

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Financial network

Access to our network of financial centers, ATMs, and Online, Mobile and Text Banking

Resources on how to help your kids save

Find the savings
account that fits
your kids' needs

Find the savings
account that fits
your kids' needs

 
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