Savings Accounts

Start Saving for Their Future Today

HRCCU’s UTMA Savings Account helps parents and guardians save for their child’s future — tax-advantaged, interest-earning, and fully theirs at legal age.

What is a UTMA Savings Account?

A UTMA Savings Account (Uniform Transfers to Minors Act) allows you to save and transfer financial assets to a minor. With HRCCU, you can build a secure financial future for a child while maintaining control of the funds until they reaches adulthood.

This custodial savings account earns interest, has no monthly maintenance fees, and allows anyone to contribute, making it a great tool for long-term gifting, education planning, or general savings for children.

Once the child reaches adulthood — typically age 21 in New York unless the donor specifies 18 — the account is transferred to them. Until that point, the custodian manages the account, making deposits and withdrawals in the child’s best interest. Explore how this compares to a Youth Savings Account or pair it with your Universal Savings Account for complete family planning.

Interest-Earning Custodial Account

No Monthly Maintenance Fees

Transfers to the Child at Legal Age

man on phone and laptop opening bank account

How to Open a UTMA Savings Account

Open a custodial account in-branch with your ID and the minor’s Social Security Number.

Visit a branch to open and verify custodial documentation
Provide custodian ID and minor’s name, DOB, and SSN
Fund the account with a deposit — add contributions anytime
Start saving until the child reaches legal age

Average Monthly Balance	Interest Rate	APY
$1.00 and up	0.05%	0.05%	Call or Visit Today

Average Monthly Balance

Interest Rate

APY

$1.00 and up

0.05%

Call or Visit Today

Rate and APY are variable and are subject to change after the account is opened. APY is accurate as of today’s date. Minimum to open a regular account is $1.00. Fees may reduce earnings. APY=Annual Percentage Yield

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Frequently Asked Questions

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UTMA accounts are custodial accounts set up by an adult to save money or transfer assets to a child. They allow gifts to a minor to grow over time while being managed by a custodian until the child reaches adulthood.

They are commonly used for education savings, car funds, or general financial support once the child comes of age.

All funds legally belong to the child and must be used for their benefit.

The custodian — typically a parent or guardian — controls the funds in the account until the child reaches the age of majority. The custodian manages deposits, withdrawals, and account decisions.

Once the child becomes a legal adult, the account ownership is transferred to them automatically.

Until then, all account activity must serve the minor’s best interest.

There’s no set limit on deposits into a UTMA Savings Account, but large gifts may have tax implications. The IRS allows annual gifts up to a certain threshold before triggering reporting requirements.

You can contribute regularly or make one-time deposits from relatives or friends.

For large transfers, consult a tax advisor to stay within the current limits.

Yes, HRCCU’s UTMA Savings Account earns interest. Rates may vary, and interest is compounded and paid monthly.

You’ll be able to track growth through online banking or paper statements.

Interest earned belongs to the minor and is included in their annual tax reporting.

In New York State, custodial control of a UTMA account is typically transferred to the child at age 21, unless the donor specified age 18 at the time the account was established. At that point, the child gains full legal ownership and access to the funds.

Once the account transfers, the custodian no longer has authority to make withdrawals or manage the account. The transfer is automatic and cannot be postponed, so it’s important to prepare the child for financial responsibility ahead of time.

Yes. Family members and friends can deposit money into the UTMA account at any time. All funds become the property of the minor and are managed by the custodian.

This makes UTMA accounts a great option for birthdays, holidays, and milestone gifts.

Make sure all contributors understand the funds are irrevocable gifts to the child.