Saving for Your Child’s Future With an UTMA Account
A Uniform Transfer to Minor (UTMA) account is similar to typical savings accounts, with the exception of the requirement for an adult that acts as the custodian of the account. The custodian can deposit or withdraw funds into an UTMA account, but the minor cannot access the funds. The custodian manages the account for the child until they reach adult age, either 18 or 21 depending on the state. These accounts are perfect for parents, grandparents or other interested parties to set up an account for the benefit of a child.
Here are just a few of the benefits for UTMA account holders:
- Most NGFCU savings account can be designated as an UTMA
- Dividends paid monthly or at maturity
- Federally insured
Open a UTMA by filling out the form, and bring it into a branch, fax, or mail.
Mail: Attn: MSC, PO Box 47009, Gardena CA, 90247