Custodial/PAUTMA Accounts 

Ensure the welfare of your children

Custodial accounts are a convenient way to save for the benefit of a minor child while limiting the child's access to the account. Normally, a custodial account is established to save for a specific goal.

The Uniform Transfer to Minors Act allows parents or other interested persons to make an "irrevocable gift" to a minor without needing a court-appointed guardian. When the gift is given, which means an UTMA account was opened, the money becomes property of the minor. However, the parent/custodian maintains control over those funds until the minor reaches the age of 21.

Open to Minors under age 21 who qualify for membership. The Custodian does not have to be a member.

Key Features

  • UTMA account shares belong to the minor.
  • Custodian is the only person permitted to transact business on the account. The Custodian is responsible for transferring funds to the minor when the minor reaches age 21.
  • At any time a successor custodian can be named by the Custodian.
  • Dividends on UTMA accounts are considered income to the minor for federal income tax purposes.
 Minimum Balance

Open a Custodial/PAUTMA Account