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

Details & Rates
Current Rates
Minimum Daily Balance to Obtain APY | Interest Rate6 | APY7 |
---|---|---|
$0 – $2,499.99 | 0.10% | 0.10% |
$2,500 – $9,999.99 | 0.10% | 0.10% |
$10,000 – $24,999.99 | 0.10% | 0.10% |
$25,000 – $49,999.99 | 0.10% | 0.10% |
$50,000 – $99,999.99 | 0.10% | 0.10% |
$100,000+ | 0.10% | 0.10% |

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.
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- Check account balances
- Transfer funds
- Pay bills
- Deposit checks

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.