Plan Today for Your Child’s Bright Future
A Uniform Transfer to Minors Act (UTMA) account is a convenient, uncomplicated way to make gifts and transfer money to a minor. All you need is $5 to open a UTMA account and start experiencing:
- 3.75% APY
- Unbeatable savings dividends
- At least $100,000 in NCUA insurance through the National Credit Union Share Insurance Fund
- No maximum balance limit
UTMA Custodial Savings Accounts from Alliant is the ideal way to secure a bright and promising future for the ones you love.
How a Custodial Account Works
Although the account is maintained in the name of the minor, you, as the custodian, control the account and oversee all activity on the account until the minor reaches age 21, generally, unless law dictates otherwise (contact your professional advisor), at which time the child has the right to the remaining funds. On the child’s behalf, the custodian makes the decisions about how the money is invested, and when and how to spend it.
For more information on a UTMA Custodial Savings Account, please contact an Alliant Member Services Representative at 800-328-1935.
Frequently Asked Questions
What is a UTMA Custodial Savings Account?
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.
Who’s eligible for a UTMA Custodial Savings Account?
Any person eligible for membership in Alliant can open a Custodial Savings Account for a minor.
What are the tax advantages?
Earnings are reported under the minor child’s social security number (consult with your tax advisor for more information on tax implications).
How much can be contributed?
There are no contribution limits.
How are funds withdrawn?
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 attains the age of 21, generally, (depending on the source of the funds) the custodian is required to distribute the funds.
Check our fee schedule.
Call 800-328-1935
