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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 AccountFootnote1

Savings for later. Deposit funds into a savings account as a gift for when a child reaches maturity.
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 supportedThis feature is not supported
Ability to make automatic transfers to help build the savingsFootnote2 This feature is supportedThis feature is supported
FDIC insured to maximum amount allowed by law This feature is supportedThis feature is supported
Interest RatesFootnote3 % interest rate % Annual Percentage Yield (APY) % interest rate % Annual Percentage Yield (APY)
Minimum Opening Deposit
No monthly maintenance fee for each statement cycle that: Account owner is under the age of 18 Maintained a minimum daily balance of at least
Or pay /month
Withdrawal Limit Fee Total of 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 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 applyFootnote2 Total of transfers and withdrawals each monthly statement cycle without a Withdrawal Limit Fee You may be charged a fee for each additional transfer and withdrawal you make before your statement cycle ends. You will be charged no more than of these fees each statement cycle. If you maintain a minimum daily balance of or more in this account, you won’t be charged this fee. Transaction limits applyFootnote2
Other fees and information View Personal Schedule of Fees Our financial specialists are ready to help. Visit a financial center to learn more and open an account. Schedule an appointment View Personal Schedule of Fees Need additional options? Other types of custodial accounts are available. Meet with a specialist at your local financial center to learn more. Schedule an appointment

All child savings accounts come with...

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 programFootnote13

Bank of America
Preferred Rewards

Get more rewards with your everyday banking

Financial network

Access to our network of financial centers, ATMs, and Online, MobileFootnote4 and TextFootnote14 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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