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Deadline: June 9, 2017.
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Jumpstart your child’s savings by opening a Uniform Transfer to Minors Act (UTMA) account, also known as a custodial account, in his or her name. You’ll maintain full control of the account until he or she reaches the age of 21.
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A custodial account is officially in the name of the minor. However, as the custodian, you will have complete control of the account. Once the minor reaches 21 years old, he or she will have the right to any remaining funds in the account after they have been released by the custodian6.
Before the minor reaches 21, the custodian may spend funds in the account for educational purposes or any purpose that benefits the minor.
Note: The custodian is also required to be a member of Alliant Credit Union.
You can include any of these savings products with a custodial accounts:
Earn substantial interest and get access to banking features with your custodial account
Supplemental accounts let you easily specify the savings for a particular purpose or event
Get flexible banking features for your custodial account with free checking
Earn a higher return on your custodial account with a certificate
View our full fee schedule.41
Uniform Transfer to Minors Act (UTMA) accounts are taxable accounts that allow you to gift or transfer assets to a minor. Once the account is opened, transfers are irrevocable and become the assets of the minor.
Any person eligible to become an Alliant member can open a custodial savings account for a minor. The account is maintained in the name of the minor. The custodian must be an Alliant member.
Earnings are reported under the minor child’s Social Security number. Consult with your tax advisor for more information on tax implications.
There are no contribution limits.
While the child is a minor, funds in a UTMA custodial savings account may be used for educational purposes, or for any purpose that benefits the minor. Once a minor reaches the age of 21, generally — depending on the source of the funds — the custodian is required to distribute the funds.
To earn interest, you must maintain a daily average minimum balance of $100. Alliant interest is paid monthly.
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