ID of Level 3 Parent: 1087

Minor/UTMA Savings

Few joys in life come with as much responsibility as parenting. As your chosen banking partner, we’ll help you start securing your child’s future by building a solid financial foundation now.

We have two options to help you save for your child.

UTMA*

You and others can give your minor(s) the gift of financial saving with i-bank’s Uniform Transfer to Minors Account (UTMA).

UTMA Savings is a custodial savings account only for the benefit of a minor. The minor has no access even at age the age of majority.

Minor Savings*

If you don’t want an UTMA but still want to dedicate saved funds to your child, try the Minor Savings Account.

  • No minimum requirement to open the account
  • No monthly service charge
  • Six free monthly withdrawals
  • 24-hour account access
  • Interest on this account will be compounded quarterly

Contact i-bank for current interest rates and annual percentage yields.

*Terms: You must deposit at least $100 to open this account. The interest rate for this account is variable. Your interest rate and annual percentage yield may change at our discretion. Interest will be compounded quarterly. Interest will be credited to the account quarterly. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The service fee will be waived until the account holder reaches 18 years of age. Six withdrawals per month are allowed on accounts with balance of $1000 and above. For accounts below $1000, three withdrawals per month are allowed. An excessive transaction fee of $3 per transaction will be charged for transactions over the limited number. Fees could reduce the earnings on the account.

 


Helpful Resources

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Learn about our other Personal Banking options: Checking, Individual Retirement Accounts (IRAs), Loan Options, and Investment Options.

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