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UTMA and UGMA Savings Accounts

Financial Gifts for Minors

UTMA/UGMA ACCOUNTS


UTMA/UGMA — MINOR MONEY MARKET SAVINGS

Contribute to your child’s financial future.

Set up by an adult on behalf of a minor, UTMA and UGMA Minor Money Market Savings accounts allow the account custodian to make a gift of money to a minor, or buy mutual funds, stocks, bonds, and other types of assets and property on their behalf. Once the child reaches legal age, they can use the funds as they see fit.

  • No monthly maintenance fee 1
  • Competitive, tiered interest rates 2
  • Free coverdraft protection 3
  • FDIC insured
  • No fee for first six ATM withdrawals per statement cycle 4
  • Limited check-writing 5
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Details & Rates

Current Rates

How It Works

A quick guide to Uniform Gifts/Transfers to Minors.

  • You can invest up to $14,000 per year tax free in a UTMA/UGMA account. (Or $28,000 per year for married taxpayers, filing jointly). There are no annual contribution limits.
  • If the child is under age 19, the first $1,000 of investment income is free from federal income tax, and the second $1,000 is taxed at the child's rate. Income over $2,000 is taxed at the parents' (or custodian’s) marginal tax rate.
  • Gifts are irrevocable. The child receives legal control of the assets at age 18 or 21, depending on the state.
  • UGMA/UTMA accounts are considered assets of the child. This means they have a higher impact on financial aid eligibility than 529 plans or Coverdell accounts.

MOBILE BANKING

Bank from anywhere. At any time.

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Download the MobileCommand™ app for iPhone® or Android®, and discover the simplicity and convenience of doing your everyday banking right from your mobile device.

  • Check account balances
  • Transfer funds
  • Pay bills
  • Deposit checks
The First Command mobile app running on a phone

1. Federal regulations allow a maximum of six withdrawal/transfer transactions per statement cycle, including checks and excluding ATM transactions. Excess withdrawal fee is $10.00 for each withdrawal exceeding six.

2. Interest credited and compounded monthly. Increasing interest tiers with minimum balances of $1, $2,500, $10,000, $25,000, $50,000, $100,000.

3. Coverdraft available from another FCB deposit account or FCB line of credit.

4. First Command Bank does not charge a fee for the first six ATM withdrawals per statement cycle. Subsequent transactions will be charged $1.50 each. There is no surcharge to FCB Debit used at ATMs in the MoneyPass® network or NYCE networks. FCB will rebate other ATM surcharge fees, charged by ATM owners, up to $15 per statement cycle.

5. Federal regulations allow a maximum of six withdrawal/transfer transactions per statement cycle, including checks and excluding ATM transactions. Excess withdrawal fee is $10.00 for each withdrawal exceeding six.

6. Rates are subject to change without notice.

7. APY stands for Annual Percentage Yield.