UTMA Account - Custodial Savings Account for Children

Fees

Monthly Fee	Required Opening Deposit	Withdrawal Limit Fee
No monthly maintenance fee for each statement cycle that you: Maintain a minimum daily balance of at least $500 Or pay $8/month For new Bank of America Advantage Savings accounts, we’ll waive this fee for the first 6 months^{Footnote 2}	$100	Total of 6 transfers and withdrawals each monthly statement cycle without a Withdrawal Limit Fee. You may be charged a $10 fee for each additional transfer and withdrawal you make before your statement cycle ends. You will be charged no more than 6 of these fees each statement cycle. If you maintain a minimum daily balance of $20,000 or more in this account, you won’t be charged this fee. Transaction limits apply^{Footnote 3}

Account balance amount	Standard Annual Percentage Yield (APY)^{Footnote 4}
Less than $2,500	0.03%
$2,500 and over	0.03%

Account balance amount

Standard Annual Percentage Yield (APY)^{Footnote 4}

Less than $2,500

0.03%

$2,500 and over

0.03%

Features

Build your savings automatically with our Keep the Change^® savings program^{Footnote 5}

Make everyday purchases with your eligible Bank of America debit card and we'll round up your purchase to the nearest dollar amount. Then we'll transfer the difference from your checking account to your savings account.

With thousands of ATMs and financial centers available, as well as 24-hour online access, we are almost wherever you need us.

Our mobile app^{Footnote 6} ensures you get convenient account access whenever and wherever you are.

Set up automatic transfers to help build your savings. Simply choose the amount and frequency you want to transfer money.^{Footnote 7} Plus make changes anytime.

Link your savings account to your checking account for Overdraft Protection.^{Footnote 8}

Deposit a check using the camera on your smartphone or tablet in the Mobile Banking app.^{Footnote 9} Snap a picture of the front and back of the check, choose your account and amount and send. For your protection, check images are stored securely at the bank and never on your device.

Get convenient account access, now with fingerprint sign-in and Touch ID^®.^{Footnote 10} Use our free mobile app to deposit checks^{Footnote 9}, check balances, pay bills^{Footnote 11}, transfer money^{Footnote 12} and locate ATMs and financial centers on the go. Plus, with our customizable mobile app alerts^{Footnote 13} you can stay informed of just about everything that happens with your savings account.

At Bank of America, you have more options to send money where you need to. Make real-time transfers between your accounts, or securely send money to a person simply using their mobile number or email address.^{Footnote 14}

With Bank of America alerts, you can choose to be notified about a change to your account that's important to you. From monitoring your balance, to tracking a deposit, to paying a bill, just choose when and how you want to be notified.

Benefits

With thousands of ATMs and financial centers available, as well as 24-hour online access, we are almost wherever you need us.

Our mobile app^{Footnote 6} ensures you get convenient account access whenever and wherever you are.

Set up automatic transfers to help build your savings. Simply choose the amount and frequency you want to transfer money.^{Footnote 7} Plus make changes anytime.

Link your savings account to your checking account for Overdraft Protection.^{Footnote 8}

This is a Uniform Transfers/Gifts to Minors Act (UTMA/UGMA) savings account. As the custodian, you agree to comply with all requirements of the UTMA or UGMA law applicable to the account. The Bank shall have no responsibility to ensure you properly perform your duties as custodian. All funds deposited in the account irrevocably become the property of the minor, and the custodian is to manage the funds only for the use/benefit of the minor. The custodian is required to transfer the UTMA/UGMA account assets to the minor when they reach the applicable termination age, or to the minor’s estate as appropriate. Only one custodian and one minor are allowed per account. The law imposes certain fiduciary and record keeping obligations on the custodian and requires that interest earnings be reported to the IRS under the minor's Tax ID Number. As the custodian, you agree that Bank of America may take action to restrict the account (including limiting access and transactions), and may also communicate with and accept account instructions from the former minor once the minor reaches the termination age. Consult your legal counsel if you have questions about your obligations as a custodian. Back to content
For Bank of America Advantage Savings accounts opened on or after August 13, 2018, we will waive the monthly maintenance fee for six months from account opening. Back to content
The Deposit Agreement and Disclosures limits the number of the following types of withdrawals and transfers from a savings account to a total of six (6) each monthly statement cycle (or each month for savings accounts with a quarterly statement cycle), including Online and Mobile Banking transfers or payments. If you exceed these limits on more than an occasional basis, we may convert your account to another type of account and your account may no longer earn interest. See the Deposit Agreement and Disclosures for details. Back to content
APYs listed may include multiple balance tiers shown as a single tier if an interest rate is the same across multiple tiers. The balance tiers applicable to this account may change at any time without notice, before or after the account is opened. Please see the rate sheet for more information. Back to content
Upon enrollment, we will round up your MasterCard^® or Visa^® debit card purchases to the nearest dollar and transfer the difference from your checking account to your Bank of America^® savings account. If your savings account enrolled in Keep the Change^® is converted to a checking account, Keep the Change transfers will continue to be made into that account. We may cancel or modify the Keep the Change service at any time without prior notice. Keep the Change is not available for small business debit cards. Back to content
Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply. Back to content
You will be charged no more than 6 Withdrawal Limit Fees in any statement cycle. If you maintain a minimum daily balance of $20,000 or more in this account or if you are enrolled in the Preferred Rewards Program, you won't be charged this fee. See the Personal Schedule of Fees for details. Back to content
Please refer to your Personal Schedule of Fees for details. Back to content
Mobile Check Deposits are subject to verification and not available for immediate withdrawal. Other restrictions apply. In the Mobile Banking app menu, select Help, Browse More Topics, then Mobile Check Deposit for details and other terms and conditions. Message and data rates may apply. Back to content
Certain devices with built-in fingerprint scanners are eligible for enrollment in Touch ID^® or fingerprint sign-in. If eligible, you will have the option to check the box for either Set up Touch ID^® or Set up fingerprint sign-in within the Mobile Banking app. Check the box and follow the in-app prompts to enroll. If you store multiple fingerprints on your device including those of additional persons, those persons will also be able to access your Bank of America Mobile Banking app via fingerprint, including the ability to access a call center, when Touch ID or fingerprint is enabled. Data connection required. Wireless carrier fees may apply. Back to content
Before using Bill Pay in Mobile Banking, you may need to first enroll in the service through Online Banking. Back to content
Fees apply to wires and certain transfers. See the Online Banking Service Agreement for details. Data connection required for online and mobile transfers. Wireless carrier fees may apply. Back to content
Mobile Banking app alerts are not available on the mobile website. Data connection required. Wireless carrier fees may apply. Back to content
Email and mobile transfers require enrollment in the service and must be made from a Bank of America consumer checking or savings account to a U.S.-based bank account. Recipients have 14 days to register to receive money or the transfer will be cancelled. Dollar and frequency limits apply. See the Online Banking Service Agreement for details, including cut-off and delivery times. Data connection required. Wireless carrier charges may apply. Back to content
You may elect to receive alerts via text or email. Bank of America does not charge for this service but your mobile carrier's message and data rates may apply. Delivery of alerts may be affected or delayed by your mobile carrier’s coverage. Back to content

Help save for a child's future with a Custodial (UTMA) Account

Fees

Monthly Fee

Required Opening Deposit

Withdrawal Limit Fee

Fees

Rates

Account balance amount

Standard Annual Percentage Yield (APY)Footnote 4

How to qualify

Features

Features

Build your savings automatically with our Keep the Change® savings programFootnote 5

Build your savings automatically with our Keep the Change® savings programFootnote 5

Here’s what comes with your Advantage Savings account

Expansive network of financial centers

Award-winning Mobile Banking service

Automatic transfers

Overdraft Protection made simple

Mobile check deposit

Mobile BankingFootnote 6

TransfersFootnote 12

AlertsFootnote 15

Benefits

Expansive network of financial centers

Mobile check deposit

Award-winning Mobile Banking service

Mobile BankingFootnote 6

Automatic transfers

TransfersFootnote 12

Overdraft Protection made simple

AlertsFootnote 15

Standard Annual Percentage Yield (APY)^{Footnote 4}

Build your savings automatically with our Keep the Change^® savings program^{Footnote 5}

Build your savings automatically with our Keep the Change^® savings program^{Footnote 5}

Mobile Banking^{Footnote 6}

Transfers^{Footnote 12}

Alerts^{Footnote 15}

Mobile Banking^{Footnote 6}

Transfers^{Footnote 12}

Alerts^{Footnote 15}