UTMA and UGMA Savings Accounts

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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

You can set up a UTMA/UGMA account for a minor until they reach age 18. There is no minimum opening deposit amount. You can manage the account with OnCommand online banking. You’ll also have access to unlimited telephone banking, at no charge.

Minimum Daily Balance to Obtain APYInterest Rate6APY7
$0 – $2,499.990.10%0.10%
$2,500 – $9,999.990.10%0.10%
$10,000 – $24,999.990.10%0.10%
$25,000 – $49,999.990.10%0.10%
$50,000 – $99,999.990.10%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.

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.