UTMA (Minor) Savings
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UTMA (Minor) Savings*
You and others can give your minor(s) the gift of financial saving with i-bank’s Uniform Transfer to Minors Account (UTMA).
UTMA Savings is a custodial savings account only for the benefit of a minor. The minor has no access even at age the age of majority.
- $100 requirement to open the account
- No monthly service charge until account holder reaches 18 years of age
- Three to Six free monthly withdrawals, depending on account balance (see terms)
- 24-hour account access
- Interest on this account will be compounded quarterly
Contact i-bank for current interest rates and annual percentage yields.
*Terms: You must deposit at least $100 to open this account. The interest rate for this account is variable. Your interest rate and annual percentage yield may change at our discretion. Interest will be compounded quarterly. Interest will be credited to the account quarterly. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The service fee will be waived until the account holder reaches 18 years of age. Six withdrawals per month are allowed on accounts with balance of $1000 and above. For accounts below $1000, three withdrawals per month are allowed. An excessive transaction fee of $3 per transaction will be charged for transactions over the limited number. Fees could reduce the earnings on the account.
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Learn about our other Personal Banking options: Savings & CDs, Individual Retirement Accounts (IRAs), Loan Options, and Investment Options.
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