UTMA and UGMA Savings Accounts | First Command
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 fee1
Competitive, tiered interest rates2
Free coverdraft protection3
FDIC insured
No fee for first six ATM withdrawals per statement cycle4
Limited check-writing5
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 online banking. You’ll also have access to unlimited telephone banking, at no charge.
| 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.
MOBILE BANKING
Bank on the go.
Download our mobile app for convenient access to the same banking features you use at home or work.
- Check account balances
- Transfer funds
- Pay bills
- Deposit checks
